Haroon Rasheed's Contact Details

Haroon Rasheed's Company Details

Masood Textile Mills Ltd.

Faisalabad, Punjab, PK • >10000 Employees
Textiles/Apparel Products

Welcome to Masood Textile Mills We are leaders in creating, developing and manufacturing of knitted apparel products right from basic to highly fashioned garments thus responding to emerging trends in the industry. We translate conceptual ideas of our customers into reality and shape them through our technical bent and professional acumen. The team here strongly believes that Customer satisfaction is the essence of business today. mTm has the technology with expertise,products with knowledge and most importantly the right mindset to achieve total customer satisfaction. Shanghai Challenge Textile Company has bought 14.6 million shares of Masood Textile Mills, which constitutes roughly one-fourth of the total shareholding of the Faisalabad-based company. The share of Masood Textile Mills hit the upper lock on Monday on the KSE. Its share closed at Rs128.15 after increasing by Rs6.10, or 5% of its opening rate. Masood Textile Mills was in talks with another Chinese group – Shandong Ruyi Science and Technology Group along with Shahid Nazir Ahmad and Nazia Nazir – for the sale of its majority shareholding. It had received the approval from the Competition Commission of Pakistan (CCP) along with a separate approval from the Ministry of Commerce of China to go ahead with the acquisition. But the deal fell apart on September 30 when potential acquirers withdrew the public announcement of their intention to acquire up to 52% shares of Masood Textile Mills for undisclosed reasons. Masood Textile Mills is a manufacturing company with in-house yarn, knitting, fabric dyeing, processing, laundry and apparel manufacturing facilities. It posted a pre-tax profit of Rs1.1 billion in 2013, which was 13% higher than its pre-tax earnings in the preceding year. It produces value-added textile products, whose exports to the European Union (EU) are expected to increase due to the GSP Plus status that Pakistan has received.