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Ontex finalises divestment of business in Pakistan

04 Jun '24

1 min read

Ontex finalises divestment of business in Pakistan

Pic: Ontex/Facebook

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Ontex, a Belgian company, has sold its Pakistan business to ASAIA Holding, focusing on core retail brands and healthcare markets.
This divestment follows earlier sales in Mexico and Algeria.
Ontex is now considering strategic options for its remaining operations in Brazil and Turkiye.
CEO Gustavo Calvo Paz thanked the Pakistani team for their contributions.

Ontex Group, a leading international developer and producer of care products and solutions, has announced that it has completed the divestment of its business in Pakistan to ASAIA Holding. The transaction includes Ontex’s plant and business in Pakistan.

"I am pleased that we closed this divestment, allowing us to strengthen our focus on our core retail brand and healthcare markets. I would like to thank the team in Pakistan for their contribution to our business. I wish them the very best as they write this new chapter together,” Gustavo Calvo Paz, CEO of Ontex, said.

This divestment follows the divestment of the Mexican activities in February 2023 and the divestment of the Algerian activities in April 2024. The remaining activities for which Ontex is pursuing strategic options are Brazil and Turkiye, the company said in a press release.

Fibre2Fashion News Desk (RR)