The board of Samin Textile Limited has planned to enter into the retail business of home appliances through acquisition or joint-venture with a leading market player.
In this regard, the management of the company has expressed its interest in Waves Singer Pakistan Limited for purchasing its business or partnership in the business.
During the financial year 2020-21, the operation of the company remained suspended. However, the new business revival plan of trading of home appliances was also formulated and intimated to all stakeholders, implementation of which is started in Aug 2021 and the company has achieved a turnover of Rs. 11 million.
The management of the company is in the process of hiring dedicated manpower having retail business expertise. Simultaneously, senior management has drafted strategic and operations business projections keeping in view the recent market dynamics especially the impact of COVID-19 on retail businesses.
The company has made arrangements with the lenders for working capital requirements.
The management team is holistically working towards the implementation of the revival plan and is dedicatedly working towards developing an infrastructure to support the network of retail outlets and the sale of home appliances.
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