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Pakistani Tatas are consolidating. But who are they and what do they do?

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Who are the board of directors of Tata Textile Mills? Why, it is Mazar Valjee, Shahid Anwar Tata, Adeel Shahid Tata, Bilal Shaid Tata, and Farooq Advani (among others). And who are the board of directors of Island Textile Mills? What do you know: it is Mazar Valjee, Shahid Anwar Tata, Adeel Shahid Tata, Bilal Shaid Tata, and Farooq Advani (among others) again. The board of directors for Salfi Textile Mills? You guessed it. And the board of directors for Tata Energy? Ditto. 

If these revolving faces sound a little silly to you, it definitely sounded more than odd to the directors of the four companies. While all four companies are under the umbrella of the textile group Tata Pakistan, it seemed more prudent to have some sort of merger take place.

(One, semi-obvious, note: the Tata Pakistan industrial conglomerate has nothing to do with the much larger Mumbai-based global conglomerate that has a similar name.)

Which is exactly what the board decided on April 1, 2020. According to a notice issued to the Pakistan Stock Exchange on September 1, Island Textile Mills is to hold an extraordinary general meeting on September 24. Along with all of its respective assets and liabilities, the company is to be amalgamated into Tata Textile Mills. This will result in the ‘dissolution without winding up’ [this phrase is key], of Island Textile Mills. 

Not only will Island Textile Mills ‘dissolve without winding up’, but so will Salfi Textile Mills, and Tata Energy. All will become a part of the company Tata Textile Mills. 

Tata Textile Mills will issue to all the shareholders of Island, 15,100,000 fully paid-up ordinary Tata Textile shares of Rs 10, in the ratio of 30.2 Tata Textile shares for each Island share. Similarly, the mills will issue to all the shareholders of Salfi Textile Mills, 17,381,364 fully paid-up ordinary Tata Textile shares of Rs 10, in the ratio of 5.2 Tata Textile shares for each Salfi share. Finally, Tata Textile Mills will issue to all the shareholders of Tata Energy, 6,187,500 fully paid-up ordinary Tata Textile shares of Rs 10, in the ratio of six Tata Textile shares for each Tata Energy share. 

So, what are these Tata companies?

Of the four companies, Salfi Textile Mills is actually the oldest. It was incorporated in January 1968, and it manufactures and sells yarn. Its facilities are located at Landhi in Karachi. It was renovated in 2005, and boasts 36,708 spindles as of 2019. 

Then, there is the other spinning company, Island Textile Mills. This was established in 1970, but taken over by Tata Pakistan in 1981. Its facilities are located at Kotri Industrial Estate, close to Karachi. A second unit was built for the mill in 2015. The company now has 44,984 spindles as of 2019. 

Tata Energy was incorporated in 1994. This company has only one purpose: provide electricity to the two mills mentioned above. The first power generation plant was installed at Landhi in 1995, and the second was installed at Kotri in 1998. Tata Energy has invested around Rs775 million in this sector, and the annual power generation capacity at both locations is more than 10 megawatts.

In case that was not enough textile mills for Tata, the company also owns Tata Textile Mills, another spinning facility this time in Muzaffargarh in Punjab. It was incorporated in 1987, and has 44,000 spindles for manufacturing cotton yarn as of 2019. 

Of the three spinning mills, Tata Textile Mills made a loss only in one year (2016) between the years 2014 and 2019. Salfi Textiles recorded a loss in three of those six years, while Island Mills recorded a loss in two of those six years. In 2019, Tata Textile Mills made a profit after tax of Rs32 million in 2019, while Island Mills made a profit of Rs185 million, and Salfo made a loss of Rs86 million respectively. 

In making this decision to merge, the board of directors said they had three reasons, with the ‘ultimate aim of maximising shareholder returns’. 

First, the amalgamation of companies would allow for a reduction in costs associated with doing business, particularly legal and tax advisory costs. Second, the companies will be able to minimise the resources required to devote to the business of managing the shares held by each (four companies, four annual reports and financial statements, four annual general meetings – it adds up). 

“These two factors taken together will allow the surviving entity to maximise dividend distribution for its shareholders,” said the directors. 

Third, the larger size of the final company would increase the risk absorption capacity, “thus enhancing its capacity to manage the potential risks arising out of the adverse and uncertain operating environment.” 

In the long run, the board of directors said it would lead to greater stability, cost reduction, increase of the surviving entities’ international and local competitiveness, and sustainable operations.

The move comes amidst a wave of corporate consolidation in the textile industry. Just a few weeks ago, the Bibojee Group – owned by the descendents of Habibullah Khan Khattak, including retired Lt Gen Ali Kuli Khan Khattak – merged their two textile spinning companies as well: Janana de Malucho Textile Mills and Babri Cotton Mills.

However, the Bibojee Group companies are both located in Kohat, but while the majority of of the Tata Pakistan operations are located in Karachi, there is at least one company in southern Punjab.

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‘Yellowstone’ Star Reveals Which Cast Member Is the Funniest

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Yellowstone is about as dramatic as a television show can get, but that doesn’t mean it’s always serious all the time. Though the smash Paramount Network show is hardly a comedy, actor Kelsey Asbille says there are quite a few moments of levity between takes — especially from one cast member in particular.

“It’s a really fun group, and we just really like spending time with each other,” Asbille — who portrays Monica Dutton on the show — tells Taste of Country in an interview to promote Season 4 of the smash hit show.

“Especially this past season, because we were kind of in a bubble,” she says. “We were one of the first shows to start production during the pandemic, so really, all we could see was each other.”

“It was lovely, man,” Asbille continues. “We have a great time. Nothing too exciting, we just like hanging out.”

Though the tone of the show is quite dark at times, Asbille reveals that there are plenty of fun moments that viewers don’t get to see.

“They should do a reel, honestly,” she says with a laugh. “There is a lot of laughter that you would not expect, especially with Luke [Grimes, who plays Asbille’s TV husband, Kayce Dutton]. Luke can get the whole crew laughing very easily. So yeah, I would say a lot of our outtakes … we have fun, despite the circumstances.”

Yellowstone‘s Season 4 has brought big changes to Monica, Kayce and their son, Tate (Brecken Merrill). Tune in to Yellowstone every Sunday night at 8PM ET on the Paramount Network to keep track of the latest, and stay tuned to Taste of Country as we provide week-to-week coverage of Yellowstone and the first season of the upcoming prequel 1883, including episode analysis, news on the shows, cast interviews and more.

As part of our comprehensive coverage, check out the new Dutton Rules podcast on Apple Podcasts and Spotify.

1883 is set to premiere on Dec. 19 and will air exclusively on Paramount+. Subscribe to the streaming service to make sure you don’t miss out.

You Can Rent a Cabin on the Ranch From ‘Yellowstone’ – See Pictures

The stunning Montana ranch that serves as the setting for the hit TV show Yellowstone offers cabins for rent, and the price includes tours of the set and ranch. Scroll below to see photos of the extraordinary property.

See Inside ‘Yellowstone’ Star Ryan Bingham’s Gorgeous $2.45 Million Estate

Yellowstone star and singer-songwriter Ryan Bingham has listed his 3-bedroom, 3.5-bathroom, 2,394-square-foot home in an exclusive area of Los Angeles for sale, and pictures show a beautiful, luxurious property that offers stunning mountain views.

 

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Exclusive: Trump’s social media venture seeks $1 billion raise – sources

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Dec 1 (Reuters) – Former President Donald Trump’s new social media venture is seeking to raise up to $1 billion by selling shares to hedge funds and family offices at several times the valuation it commanded in a deal with a blank-check acquisition firm in October, two people familiar with the matter said.

Trump Media & Technology Group, which has yet to roll out the social media app it says it is developing, already stands to receive $293 million if its deal to list in New York through a merger with blank-check firm Digital World Acquisition Corp (DWAC.O) is completed.

The deal valued Trump Media at $875 million, including debt. Trump Media is now seeking to raise up to an additional $1 billion at a valuation of close to $3 billion, to reflect Digital World’s share rally after Trump supporters and day traders snapped up the stock, the sources said.

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It is the clearest indication yet that Trump and the Digital World dealmakers are seeking to capitalize on the market euphoria around their venture, which has so far been fueled by its ambitious goals rather than a business that is up and running.

Digital World shares were valued at $10 each in the deal with Trump Media. Trump Media is now looking to secure a so-called private investment in public equity (PIPE) that would value Digital World shares closer to their recent price, the sources said.

The sources added that Digital World shares may be valued based on a 20% discount of their 10-day, volume-weighted average price.

The sources requested anonymity because the matter is confidential. Trump Media and Digital World did not respond to requests for comment. Bloomberg News reported last month that the companies were seeking to raise a PIPE without any details on its terms.

Digital World shares soared on Wednesday, as investors welcomed the news that the PIPE could dilute existing Digital World shareholders less than they expected by pricing at a level much higher than the customary $10 per share seen in most mergers with blank-check firms.

The shares, which had been trading down 6% before news of the $1 billion raise, rallied to close up 7% at $44.35 on Nasdaq, then extended gains in after-hours trade, rocketing up 31%, to $58.01.

Most PIPE transactions are inked before a deal to take a company public is rolled out, and it is far from certain that the companies will raise the entire $1 billion they are seeking following their deal announcement. Many Wall Street firms have snubbed the opportunity to invest, and many of the investors participating in the confidential road shows for the PIPE are hedge funds, family offices and high net-worth individuals, the sources said. Family offices manage the wealth of the very rich and their kin.

Weighing on the deal’s appeal is the reluctance of many investors to associate with Trump after he was banned from top social media platforms for encouraging his supporters to participate in the Jan. 6 attack on the U.S. Capitol, which was based on unsubstantiated claims of widespread fraud in last year’s presidential election.

Some hedge funds that backed the launch of Digital World, including Saba Capital Management and Lighthouse Investment Partners, have said they sold their shares to distance themselves from the Trump deal.

The deal also faces regulatory risk. U.S. Senator Elizabeth Warren asked Securities and Exchange Commission Chairman Gary Gensler last month to investigate the planned merger for potential violations of securities laws around disclosure. The SEC has declined to comment on whether it plans any action. read more

Trump Media and Digital World have asked investors to finalize commitments to the PIPE by the middle of December, the sources said.

In a PIPE road show attended by one of the sources, investors were asked to commit between $10 million and $20 million. Neither Trump nor Digital World executives made an appearance, and the investor presentation was led by David Boral, the president of EF Hutton, an investment bank that advised Digital World on the deal, the source said. A Trump Media representative was also in attendance, the source added.

But Trump has been personally involved. He has been calling some investors to ask them to make a commitment to the PIPE of more than $100 million, the second of the sources said.

Investors attending the road show were shown a demo from the planned social media app, called TRUTH Social, which looked like a Twitter feed, the sources said.

BIG PLANS

Trump has said he is launching his own social media app to stand up against the companies that have barred him from their platforms. He had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram at the time he was blocked, according to a presentation on his company’s website.

Since Trump was voted out of office last year, he has repeatedly dropped hints that he might seek the presidency for a third time in 2024.

Special purpose acquisition companies such as Digital World had lost much of their luster with retail investors before the Trump media deal came along. Many of these investors were left with big losses after the companies that merged with SPACs failed to deliver on their ambitious financial projections.

TRUTH Social is scheduled for a full rollout in the first quarter of 2022, and is the first of three stages in the Trump Media plan, followed by a subscription video-on-demand service called TMTG+ that will feature entertainment, news and podcasts, according to the news release.

In a slide deck on its website, the company envisions eventually competing against Amazon.com’s AWS cloud service and Google Cloud.

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Reporting by Krystal Hu in New York
Additional reporting by Echo Wang in New York
Editing by Greg Roumeliotis and Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

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Genome sequencing finds no new Covid variant- The New Indian Express

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By Express News Service

DHARWAD: In a huge relief, genome sequencing found no new variant in any of the 113 samples from SDM Medical College.  As many as 306 students and a few medical staffers were infected with Covid-19 last week at SDM Medical College and Hospital in Dharwad. All the infected students are under treatment in their hostels, and staffers are quarantined in their houses.

Among the infected, six had mild infection and the remaining asymptomatic. Students with mild symptoms have now recovered. Among the 306 infected, 113 swab samples were sent to a laboratory in Bengaluru for genome sequencing. Deputy Commissioner Nitesh Patil confirmed that no new variant was traced in these 113 samples. 

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