The signing ceremony to commemorate Habib Bank Limited lead bank status for Prosperity Weaving Mills Limited - Nagina Group - vide offering Rs 600 million long-term finance facilities to the company for project expansion was held on Wednesday at the Habib Bank Plaza, Karachi.
This project expansion enhances the capacity of the company from 192 to 324 Toyoda Airjet Looms.
The ceremony was attended by senior executives from both organisations, including Habib Bank Limited (HBL) President Zakir Mahmood, Prosperity Weaving Mills Ltd Chief Executive Shaukat Ellahi Sheikh.
Zakir Mahmood, in his address of welcome, expressed that HBL is proud to have customers like the Nagina Group, that possess vision for future growth.
The Prosperity Mills is a weaving unit with an annual turnover of Rs 1.50 billion plus. It primarily caters to the quality-conscious buyers in Europe, North America, Japan and the Far East.
Speaking on the occasion, Shaukat ElIahi Sheikh said the Nagina Group has had historically a conservative approach towards expansion due to uncertain economic conditions and policies in the country.
He, however, said the positive steps taken by the current government have given the Group a confidence to further expand and grow its business.
He also proudly said the flagship concern Nagina Cotton Mills Limited is one of the three Pakistani companies which were selected by prestigious international business magazine, 'Forbes Global', in their list of "Best under a Billion-200 for 2003."
Shaukat ElIahi Sheikh said the Nagina Group continues to maintain its position as one of the leading industrial conglomerates in the country with activities diversified into textile spinning and weaving, adding the present strength of the Nagina Group consists of 85,416 spindles and 240 Air Jet Weaving Machines, while the total turnover for the Group comprising Nagina Cotton, Ellcot Spinning and Prosperity Weaving for FYE September 30, 2003 was Rs 3.7 billion with net profit of Rs 172.0 million.-PR