A prominent player in the garment industry, has unveiled its acquisition of Dubai-based Atraco Group. This revelation catalyzed a remarkable 20% surge in Gokaldas Exports’ share price on Tuesday.
During trading, the shares reached an impressive level of ₹736.30 per share, marking the highest point in the past 52 weeks.
Notably, the company’s stock has escalated by over 88% this year and experienced a substantial 95% leap in the last twelve months.
Gokaldas Exports Transaction Details
Gokaldas Exports entered into an agreement to acquire Atraco Group, a transaction facilitated through wholly-owned subsidiary companies. The deal values Atraco Group at $55 million.
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Gokaldas Exports communicated to the stock market that the transaction encompasses the acquisition of shares and assets. Atraco Group has a strong presence in both the United States and Europe, offering a wide array of items such as shorts, pants, shirts, t-shirts, blouses, and dresses.
About Atraco Group
With approximately $107 million in revenue and a profit of $7.2 million in the calendar year 2022, Atraco Group operates as a significant player.
It maintains a workforce of over 13,000 employees spread across multiple locations in Kenya, Ethiopia, and the United Arab Emirates. The group’s headquarters are situated in Dubai, United Arab Emirates.
The company focuses on marketing, sourcing, corporate affairs, and related tasks. In Kenya and Ethiopia, Atraco operates five manufacturing units combined, producing nearly 40 million garments annually.