Yarn Importers reject RD on PFY, appeal to PM for review

Karachi: Khawar Noorani, Chairman Standing committee on imports, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and former chairman Pakistan Yarn Merchants Association has rejected 2.5pc regulatory duty (RD) on polyester filament yarn, which is the basic raw material of the textile industry and appealed to Prime Minister Imran… Continue reading

Bangladesh’s largest conglomerate to import grey fabric, yarn from Pakistan

KARACHI: Advanced Chemical Industries (ACI), one of the largest Bangladeshi conglomerates, has expressed interest to import grey fabrics and yarn from Pakistani companies, which would help Pakistani companies reclaim Bangladesh’s textile market. An official at Trade Development Authority of Pakistan (TDAP) said a meeting between Pakistan’s trade mission and ACI’s… Continue reading

Coats Group to acquire Pharr High Performance Yarns for $37mn

LONDON: Coats Group plc has signed a binding agreement to acquire the business and assets of Pharr High Performance Yarns (Pharr HP). Coats Group is the world’s leading industrial thread manufacturer. The transaction consideration is $37 million. The acquisition will be funded from Coats’ operating cash flows and existing debt… Continue reading

KCCI appreciates exemption of withholding tax to yarn traders

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda has appreciated the Federal Board of Revenue (FBR) for holding numerous meeting with KCCI and taking into consideration KCCI’s suggestion pertaining to exemption of withholding tax to yarn traders into consideration as they were overburdened with additional taxes…. Continue reading

SHC orders release of consignment of yarn, polyster

KARACHI: A division bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Zulfiqar Ahmed Khan ordered release of a consignment of yarn imported by Golden Textiles. The petitioner challenged the detention of the consignment by custom authorities, while seeking concession at the rate of two… Continue reading