Pakistan’s textile giant Nishat Mills to establish subsidiary in Türkiye

Nishat Mills Limited (NML), a leading textile company from Pakistan, has announced plans to establish a wholly-owned subsidiary in Türkiye and set up a liaison office in Bangladesh. The company also disclosed its intention to sell all its shares in Nishat Hospitality.

In a statement to the Pakistan Stock Exchange (PSX), NML outlined its strategic moves alongside its financial results for the fiscal year 2023-24, reporting a profit of 10.5 billion rupees (approximately ₺4.3 billion-$125.4 million).

The board decided to proceed with the establishment of a subsidiary in Türkiye, provided they obtain the necessary regulatory approvals. The board also decided to open a liaison office in Bangladesh. NML confirmed that it will continue with the sale of its 100% stake in Nishat Hospitality (Private) Limited.