Nation Trust Holding (TNTH), one of the largest conglomerates based in the UAE, has entered into a Memorandum of Understanding (MoU) with Kohinoor Spinning Mills Limited (KOSM) to establish a raw and value-added mineral-based business in Pakistan.
KOSM, a Pakistani yarn manufacturer, in its notice to the Pakistan Stock Exchange (PSX) on Monday said that its Board of Directors (BoD) has agreed to pursue the strategic partnership with TNTH “through its subsidiary EMNOC to establish raw and value-added mineral based business in Pakistan and has authorised its CEO to execute and implement this project”.
Sharing the details of the said project, KOSM said that TNTH, a well-known Abu Dhabi-based group, is one of the biggest raw and value-added mineral suppliers/importers in the UAE, which supplies to companies in GCC including Emirates Gulf Aluminum and Adnoc.
“TNTH has been importing minerals mainly from Africa and other countries, but never been from Pakistan,” read the notice, adding that TNTH was looking for a reliable strategic partner in Pakistan as the country has huge reserves of these minerals.
“Bauxite (aluminium ore) is available in excess quantity in the Khushab area and is mainly used by aluminium refineries in the world to produce aluminium,” read the statement.