Sapphire Textile Mills Limited, a leading textile manufacturer in Pakistan, is expanding internationally by investing in RTS Textiles Group Limited, a UK-based company. RTS specializes in the production of workwear fabrics and operates globally. Sapphire Textile revealed this development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
The investment involves acquiring a minority shareholding in RTS Textiles. The deal is still subject to necessary regulatory and corporate approvals. Sapphire Textile may purchase shares directly or through a subsidiary. This partnership is expected to create synergies in manufacturing, marketing, and research, boosting exports from Pakistan.
Sapphire Textile Mills is a flagship company of the Sapphire Group, established in 1969. It manufactures a range of products, including cotton yarn, fabric, home textiles, and more recently, power generation. The company holds a significant market share, accounting for over 10% of sales in the textile composite sector.
This strategic move aligns with Sapphire’s vision to expand its global presence. The acquisition will not only enhance its portfolio but also strengthen its position in the international textile market. Sapphire’s manufacturing units are located in Sindh and Punjab, contributing to the country’s textile industry growth.