KARACHI: The shareholders of Feroze 1888 Mills Limited have not approved the company’s plan to invest $5 million in its foreign subsidiary, 1888 mills LLC, USA.
The decision was taken in an extraordinary general meeting held yesterday, the company said in a notice sent to Pakistan Stock Exchange.
Earlier, Pakistan’s Feroze 1888 Limited had plans to make an equity investment in 1888 Mills’ Griffin facility. The facility is considered among the last remaining towel manufacturing plants in the United States of America. This facility was started by a group of textile veterans with the goal of making USA production a part of their
global strategy.
The company’s board called an extraordinary general meeting for the shareholders’ approval for such equity investment, which was not approved.
