Related Keywords: better cotton prices, Chinese textile company, duty-free access to EU, local textile company, Masood Textile Mills, Shanghai Challenge Textile Company
Shanghai Challenge Textile Company, a Chinese company purchased 14.6 million shares of Faisalabad-based company Masood Textile Mills, which constitutes 24.3% shares roughly one fourth of the total shareholding in a privately negotiated deal. It is the first-of-its-kind deal in Pakistan in which a Chinese group has acquired a majority stake in a local textile company, members of the Karachi Stock Exchange (KSE) learned on Monday.
