Nadeem Textile Mills Limited’s disclosure of information in terms of section 15D (1) or the securities and exchange ordinance, 1969

Karachi, June 03, 2013 (PPI-OT): In terms of Securities and Exchange Commission of Pakistan, SRO 143/(1)/2012 dated December 05, 2012, we disclose herewith inside information U/s 15D(1) of the Securities and Exchange Ordinance, 1969.


Disclosure Form

In Terms of Section 15D(1) of The Securities and Exchange Ordinance, 1969.

1.    Name of Company                  Nadeem Textile Mills Limited
2.    Date of Report                   May 31, 2013.
3.    Exact Name of Company            Nadeem Textile Mills Limited
4.    Registered Office                201-202, Commerce Centre, Hasrat
                                       Mohani Road, Karachi - Pakistan.
5.    Contact information:             Phone: (021) 32635837-32635809
6.    Head Office                      801-804, 8th Floor, Lakson Square,
                                       Building No.3, Block-A,
                                       Sarwar Shaheed Road, Karachi.
7.    Contact Information              Phone: (+92 021) 35220481-88
                                       Fax: (+92 021) 35220495-96
8.    Disclosure of Inside Information By Listed Company in Terms of Section 15D(1).

Nadeem Textile Mills Limited belongs to Shadman Group of Companies. The group has two listed companies i.e. Shadman Cotton Mills Limited and Nadeem Textile Mills Limited. The Shadman Group of Companies is currently managed by two groups. Bach group is headed by one of the two surviving sons of Late Mazhar Hussain, founder of the Shadman Group of Companies.

Mr. Zahid Mazhar leads a group comprising of his immediate kith and kin, which is called ZM Group and Mr. Shahid Mazhar leads the other group comprising of his immediate kith and kin which is called SM Group.

The two groups along with their other family members collectively hold majority shares of Shadman Group of Companies i.e. 94.21% shares of Shadman Cotton Mills Limited and 98.22% shares of Nadeem Textile Mills Limited.

Shadman Cotton Mills Limited has three spinning units having total 79,560 spindles. The unit wise location and detail of installed spindles is as under:-


Unit                  Location                                            Number of spindles
No.                                                                          Installed

01.     Plot No. E-11, S.I.T.E., Kotri, Sindh.                                 23,376
02.     Kot Shah Muhammad, Warburton Road, Feroz Watoan,
        Tehsil Nankana Sahib, District Sheikupura, Punjab.                     21,192
03.     Kot Shah Muhammad, Warburton Road, Feroz Watoan,
        Tehsil Nankana Sahib, District Sheikupura, Punjab.                     34,992

Nadeem Textile Mills Limited has one spinning unit, having 37,464 spindles and is located at Plot No. A-265, S.I.T.E. Nooriabad, District Dadu, Sindh.

The both the groups has decided to bifurcate Shadman Group of ‘Companies into two equal Segments i.e. Sindh Segment and Punjab Segment, Sindh Segment will be owned and managed by ZM Group and Punjab Segment by SM Group.

As a result of this settlement 72 Kanal 6 Marla open land owned by Nadeem Textile Mills Limited located at Kot Shah Muhammad, Warburton Road, Feroz Watoari, Tehsil Nankana Sahib, District Sheikupura, Punjab, adjacent to the plant of Shadman Cotton Mills Limited. is proposed to be transferred/ sold to Shadman Cotton Mills Limited, at market value of Rs. 23,000,000/- subject to the approval of share holders U/s. 1 96(3)(a) of the Companies Ordinance, 1984.

In addition to the above all the fixed and current assets, along with long term and short term liabilities of Shadman Cotton Mills Limited pertaining to Sindh Segment will be purchased by Nadeem Textile Mills Limited at an arms’ length transaction i.e. at market value. The detail of assets and liabilities to be purchased along with their market value is as under:-


                                                                                                 Amount
Sr.                   Description                                      Details                 (Rupees)
No.

01    Complete Industrial unit - Plot No. E-11, S.I.T.E,       23,376 spindles              294,541,577
      Kotri,                                                       8 Acres
                                                                    Godown
02.   Industrial Plot No. E-8, S.I.T.E. Kotri                      2 Acres                     14,830,757
03.   Industrial plots No. A-293-294 S.I.T.E. Nooriabad           10.25 Acres                  10,250,000
04.   Office Premises Room Nos. 201-202, Commerce                1,092 Sq. Ft.                  2,730,000
      Centre, Hasrat Mohani Road, Karachi,
05.   Office Premises Room Nos. 801-802, Lakson Square           4,815 Sq. Ft.                 12,037,500
      Building No.3-A, Sarwar Shaheed Road, Karachi,
06.   Current assets                                                                          346,259,230
                                                                                              -----------
Less:                                                                                         680,649,064
Long term Liabilities                                                                         166,178,881
Current liabilities                                                                           414,470,183
                                                                                              580,649,064
                                                                                              -----------
Value of  Net Assets as of 31-03-2013                                                         100,000,000
                                                                                              -----------

For more information, contact:
Zahid Mazhar
Chief Executive
Nadeem Textile Mills Limited
A-801-804, 8th Floor,
Lakson Square Building No. 3,
Block-A, Sarwar Shaheed Road, Karachi
Phones: (92-21) 5220481 – 88,
Fax: (92-21)5220495-96
E-Mail: info@nadeem.com.pk

Leave a Reply