Abans gets $40 mln capital infusion for expansion
View(s):Abans (Pvt) Ltd is to receive a $40 million equity investment from a leading global private equity fund to expand its current business and strengthen its position as the largest retailer of consumer durables in the country, according to a company statemet.
Quoting recent rating agency reports, the company said it has adequate liquidity and has achieved a compounded annual revenue growth of over 25% in the past three years with current group revenues in retailing alone expected to be in excess of Rs 25 billion. Abans has a network of over 400 showrooms islandwide and a wide range of products from internationally acclaimed brands such as LG, Toshiba, Mitsubishi Electric, Haier, Whirlpool, Electrolux, Philips, Apple and HP.
Abans is also involved in financial services, environmental solutions, transport and logistics, cash management solutions, automobiles, restaurants and real estate development.“The new capital will likely be utilized to expand the existing showroom and service network and for backward integration of the manufacturing facilities at its associate Abans Electricals Ltd,” it said.
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