Foreign Media: Ruyi Technology Terminates The Acquisition Of Masood, A Listed Textile Company In Pakistan

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The investors of Ruyi technology group have terminated the acquisition of Masood Textile Mills, a listed textile company in Pakistan.

In a document submitted to the Karachi stock exchange, the two sides said that it was impossible for the two sides to complete the acquisition under the terms of the SPA agreement because they failed to meet the conditions stipulated in the SPA agreement.

The two sides also said they had decided not to seek to complete the paction, and the two sides terminated the acquisition.

In December 2013,

Ruyi technology group, Shahid Nazir Ahmad and Nazia Nazir announced the intention to acquire 52% stake in Masood textile, which was approved by the Pakistan Competition Commission, the Ministry of Commerce and the national development and Reform Commission of China.

The Masood textile mill is located in the area of the Federation of yardas, is a vertically integrated textile factory with indoor yarn, knitted, fabric printing, dyeing, processing, washing and clothing manufacturing facilities.

Over the past 2008-2012 years, the company's operating income has maintained an annual growth rate of 25%.

In 2013, the company's net profit reached 906 million rupees, up 8.5% from the same period.

Ruyi Technology Group is an innovative textile enterprise. It owns 20 wholly owned and controlling subsidiaries including A share listed company, Ruyi, Shandong.