Cordoba to acquire 50% stake in CC Retail

KARACHI: The board of directors of Cordoba Logistics and Ventures Limited (CLVL) has approved to acquire a 50 per cent stake in Children Clothing Retail (Private) Limited, a bourse filing said on Thursday.

With an investment of Rs65 million, CC Retail will become a subsidiary of CLVL on the transfer of 50.0002 per cent stakes to the company, with the CLVL entitled to two board seats of CC Retail, it added.

The CLVL board further approved the acquisition of INF19 Ventures (Pvt.) Limited as its wholly owned subsidiary as the filing stated, “Investment of Rs0.70 million for the purchase of 100 per cent shareholding comprising 6,000 ordinary shares of INF19 Ventures (Pvt.) Limited”.

“A company incorporated with the objective of conducting IT based business and has not yet started operations. On acquisition, this will be a wholly owned subsidiary of the Company,” the filing stated.

The board of directors also approved initiation for procurement of buses at a cost of approximately Rs300 million from authorised dealers.

To negotiate terms and conditions with transporters, companies for rental of these buses along with arrangements of requisite funds in line with the terms and conditions approved by the board through, but not limited to, sponsor loan, lease finance facility via banks, financial institutions for procurement of these buses, the filing added.

CC Retail is Pakistan’s premier children fashion destination for newborn to twelve years old. From fancy fashion designers to famous global brands, it offers parents a unique alternative to mainstream kids brands in the current Pakistani retail landscape.

They showcase a variety of brands sourced from all over the world. They have specially collection of children’s clothing, bedding, travel essentials, toiletries, maternity solutions and many more.

In June this year, Cordoba started its commercial operations with a Rs13 million investment in Trukkr which is in line with its broader plan to lay the ecosystem for logistics and transportation. In September, however, the company invested Rs31 million to acquire 32.5 per cent equity in a financial services and data analytics platform Finox.

CLVL (formerly Mian Textile Industries Limited), was incorporated in Pakistan in December, 1986 as a public limited company under the companies ordinance, 1984. Its shares are quoted on the Pakistan Stock Exchange.

The company changed its business and now is engaged in the business of logistics and other ventures. After acquisition of 70 per cent paid up share capital of the company by Danish Elahi in April, 2021.

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