ISLAMABAD/LONDON: On January 18, 2019, just a few months after the founding of the PTI government, the Pakistan Competition Commission (CCP) approved the merger filed by the Gulf Sugar Factory, which was acquired by AKT Sugar Factory.
The AKT sugar factory is fully owned by Jahangir Khan Tareen and is widely regarded as one of the most powerful sugar mills in Pakistan.
Centimeters. According to industry experts, owners of the Gulf Sugar Factory sold Massachusetts and MA.M. factory to JKT at an estimated minimum price of 115 crore. No fund registration was provided for these funds and no government agency has investigated the transaction.
Weeks before the sale, Imperial Sugar Mills, which was owned and controlled by Naveed Sheikh, was also sold to JKT. On January 4, 2019, the Board of Directors of Imperial Sugar Mills agreed to the sale of freehold land, buildings on freehold land, plant and machinery and other assets of the company located at Karmanwala, Tehsil Phalia, District Mandi Bahauddin, according to a notification issued by the company.
It is estimated that Jahangir purchased Tareen Imperial Sugar Mills at a minimum price of Rs 75 crore.
According to industry sources, both factories are loss-making businesses, which is why the owners love to sell them. They have no idea how to turn themselves into profitable businesses.