Modaraba Al Mali to support YOUW revival plan

KARACHI: Modaraba Al Mali (MODAM) has made arrangements with Yousaf Weaving Mills Limited (YOUW) to provide support to revive and rehabilitate the company, a bourse filing said on Monday.

“MODAM and its associates may invest in the YOUW’s right issue up to 10 per cent i.e., up to 10 million shares (out of unsubscribed portion). MODAM and its associates shall have a priority right of subscription before the offering of the unsubscribed rights to anyone else,” the filing said.

MODAM is a specialised Islamic vehicle focusing on Islamic venture capital and private equity, and restructuring and rehabilitation of companies having potential for revival.

YOUW was incorporated on January 17, 1988 as a public limited company in Pakistan under the Companies Ordinance, 1984.

The Company is engaged in the business of textile weaving, spinning and sale of processed fabric, home textile and dairy products.