SV Pittie Sohar Textiles has signed an agreement with Sohar International, appointing the bank as the company’s financial advisors for its capital raise and an initial public offering (IPO).

The agreement was signed by Sohar International’s Chief Executive Officer, Ahmed al Musalmi and Vinod Pittie, Chairman of SVP Group and Chirag Pittie, Managing Director of SVP Global Ventures represented SV Pittie Sohar Textiles.

Speaking about the agreement, Musalmi, said: “Our investment banking experience and advisory capabilities, enable us to provide an unbeatable combination of experience, knowledge, and access; and will help match SV Pittie Sohar Textiles with anchor investors, to catalyse equity as a source of funding.” He added that together with SV Pittie Sohar Textiles, the bank aims at being able to garner goodwill from prudent investors who would like to diversify their investments while developing a more robust economy with a stronger business base.

https://www.businessliveme.com/economy/sohar-omans-gateway-to-growth/

According to him, the IPO, which is line with the Capital Market Authority’s objectives for sustainable economic growth and creation of wealth, “is sure to contribute further to the expansion and diversification of the national economy”. “Capital Market Authority has been instrumental in developing and promoting market participation,” he added.

Speaking for SV Pittie Sohar Textiles, Chirag Pittie spoke about the company’s long-standing relationship with Sohar International and said that they would soon begin preparations for the financing of the project soon. “By listing SV Pittie Sohar Textiles on the market, we anticipate numerous benefits to the overall wealth creation of the company, our employees and subsequently to the economy of the Sultanate on the whole.”

The 27-hectare plant, being built on an investment of $300mn, in Sohar Free Zone, promises to fuel the growth of the cotton industry in the country through potentially large-scale cotton cultivation, intermediate processing, and fabric manufacturing, he added. Phase 1 of this project is scheduled to be commissioned later this month.

https://www.businessliveme.com/economy/manufacturing/industry-insights-omans-manufacturing-sector/

To be equipped with 300,000 spindles and 7,000 rotors, the plant will import 100,000 tonnes per annum of cotton from various countries, primarily being the USA, Australia and India. It will produce finished yarn, which will then be exported to major textile markets residing in China, Bangladesh, Turkey and Pakistan.