Naubahar Bottling Company intends to acquire Baba Farid Sugar Mills
KARACHI: Naubahar Bottling Company Pvt Ltd, largest manufacturer and distributor of Pepsi Cola soft drinks in Pakistan, through AKD Securities Limited has expressed intention to acquire 98.23 percent stake in Baba Farid Sugar Mills Limited. Naubahar Bottling Company, Gujranwala is engaged in the business of beverages. Muhammad Shamim Khan, Qaiser Shamim Khan, Adnan Ahmed Khan and Nauman Ahmed Khan are the substantial shareholders of Naubahar Bottling Company. Muhammad Shamim Khan also holds more than 30 percent voting shares in Thal Industries Corporation Limited, Moiz Textile Mills Limited, Almoiz Industries Limited, Moiz Energy Limited and Alnasr International. Baba Farid Sugar Mills Limited is the group’s second sugar mill and is located in Okara. Set up in 1978, the Mill is named after the well-known Sufi of Pakpattan Baba Farid Shakarganj. Its shares are quoted on the Karachi, Lahore and Islamabad Stock Exchanges. It’s also a member of Karachi, Lahore and Islamabad Chamber of Commerce and Industry, and Pakistan Sugar Mills Association. The net annual production capacity of the mill is 27,200 tonnes. [the_ad id="31605"] For the year ended September 30, 2018, Baba Farid sugar Mills posted net sales of Rs1.3 billion, while the net losses for the year clocked in at Rs374.07 million. The auditors of the company in its last annual report raised doubts on the company’s ability to continue as a going concern on the basis of heavy accumulated losses.