Sütaş to acquire Nishat Mills' stake in Pakistani dairy venture

Turkish dairy giant Sütaş Süt Ürünleri A.Ş. is set to acquire the remaining 49.10% stake in Nishat Sütaş Dairy Limited from Nishat Mills Limited. The decision follows an emergency board meeting held by Nishat Mills on August 19.

Nishat Mills cited adverse market and regulatory conditions within the Pakistani dairy sector, which have placed financial pressure on the company, as the primary reasons for exiting the partnership. The proposed sale values the shares at 5 Rupees per share.

Sütaş has expressed its intention to continue operations of Nishat Sütaş Dairy Limited upon the signing of final contracts and receipt of necessary regulatory approvals. Nishat Mills stated that this transfer of ownership is expected to encourage continued participation from foreign strategic investors in Pakistan's dairy sector and the broader national economy. The transaction is subject to approval by Nishat Mills shareholders.