Saigol Group
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The Saigol Group, also known as Kohinoor Group, is a Pakistani group of companies headquartered in Lahore. It was founded by Amin Saigol in the 1930s with a small shop that eventually developed into the Kohinoor Rubber Works.[1][2]
History
[edit]The Saigol family were originally farmers from a small town called Khotian, Chakwal District, Punjab, Pakistan. Khotian town was later named Saigolabad after this family. Sayeed Saigol moved to Calcutta in the 1930s and opened a shoe store. He opened a rubber shoe factory, and was a supplier of rubber shoes and raincoats to the Allied Forces during World War II.[1]
Saigol, anticipating the division and independence of British India, moved his assets to Lahore in the early 1940s. After the independence of Pakistan in 1947, with the help of his younger brothers Yousuf and Bashir, he set up their first textile spinning mill in Lyallpur (now called Faisalabad) in 1949.[3] Later the family expanded its textile business to Rawalpindi and Gujjar Khan, and bought a sugar mill in Jauharabad from the Pakistan Industrial Development Corporation. In 1958–59, the Saigols founded the United Bank Limited.[1]
Nationalisation and back to privatisation
[edit]In 1972, Zulfikar Ali Bhutto regime started its nationalization drive and most businesses of the Saigol Group were nationalized over the next four years. By 1976, only the textile and sugar businesses remained.[1]
Then under General Zia-ul-Haq's regime beginning in 1977 reprivatization of industries started. In the early 1980s, the Saigol Group started rebuilding and reinvesting after their losses due to nationalization of industries in Pakistan during the 1970s.[1]
The group is now managed by three Saigol brothers: Tariq Saigol, Nasim Saigol, and Taufeeq Saigol.[4] Their sister Naz Saigol is married to Mian Muhammad Mansha.
Tariq Saigol, the eldest brother, is head of Kohinoor-Maple group, which owns the Kohinoor textile mills and Maple-Leaf Cement.[5] He is known to be openly critical of the Pakistani government's lack of interest in the textile sector. Nasim Saigol heads PEL and Kohinoor industries.[6] Rafiq, the youngest brother, takes care of the group's other business interests.
List of companies
[edit]The group currently owns following companies:[7]
Listed
[edit]- Maple Leaf Cement[8]
- Pak Elektron Limited (PEL)[9]
- Kohinoor Energy Limited[10]
- Kohinoor Industries Limited[11]
- Kohinoor Mills Limited[12]
- Kohinoor Power Company Limited[13]
- Kohinoor Textile Mills Limited[14]
- Saritow Spinning Mills Limited[15]
Unlisted
[edit]- Kohinoor Ginning Factory, Multan
- Saigol Computers[16]
- Azam Textile Mills Limited, Lahore[16]
- Kohinoor Motor Works, joint-venture with Qingqi Rickshaws[16]
- The Four Seasons Private Limited[16]
- Kohinoor Cotton Mills Liaqatabad
Former subsidiaries
[edit]- Kohinoor Sugar Mills, also known as Jauharabad Sugar Mills
Nationalised
[edit]- United Chemicals Limited, Kala Shah Kaku[16]
- Kohinoor Engineering Limited, Kala Shah Kaku[16]
- Insecticides (Pakistan) Limited, Kala Shah Kaku[16]
- Kohinoor Oil Mills, Kala Shah Kaku (formerly a listed company)[17][18]
- Kohinoor Rayon Limited, Kala Shah Kaku[19]
- United Bank Limited[16]
East Pakistan
[edit]- United Bank Limited branches in East Pakistan, now known as Janata Bank[20]
- Kohinoor Chemicals[20]
- Kohinoor Jute Mills[20]
- Kohinoor Spinning Mills[20]
Family members
[edit]- Rafique Saigol (1933–2003), a member of the National Assembly[21][22]
- Farooque Saigol (1936–2010)
- Iqbal Saigol (b. 1940)
- Naseem Saigol (b. 1943)
- Tariq Saigol (b. 1948)[23]
- Azam Saigol (1951–2018)
- Asif Saigol (b. 1958)[24]
- Amin Saigol (b. 1967)
References
[edit]- ^ a b c d e Jamal, Nasir (11 November 2013). "Rebuilding on ruins of nationalization (includes history of Saigol Group)". Dawn (newspaper). Retrieved 1 February 2019.
- ^ "The richy rich ones of poorly poor nation": http://dailymailnews.com/dmsp0204/dm001.html.
- ^ TIMES, Special to THE NEW YORK (3 August 1948). "INDIAN DEAL CLOSED ON FABRIC MACHINES; $1,500,000 Contract Is Signed With H. & B. Co., With Delivery for First Quarter in 1949 FOR SHIPMENT TO PAKISTAN Equipment Is Bought by Saigol Brothers for Textile Factory to Be Built in Lahore". The New York Times – via NYTimes.com.
- ^ "Group profile". Archived from the original on 6 February 2010.
- ^ "Executive Profile". Bloomberg.com. Retrieved 14 February 2017.
- ^ "Executive Profile". bloomberg.com. Retrieved 14 February 2017.
- ^ "PEL - A Journey Of 6 Decades - Going Stronger Than Ever".
- ^ "MLCF - Stock quote for Maple Leaf Cement Factory Limited - Pakistan Stock Exchange (PSX)". dps.psx.com.pk.
- ^ https://dps.psx.com.pk/company/PEL [bare URL]
- ^ "KOHE - Stock quote for Kohinoor Energy Limited - Pakistan Stock Exchange (PSX)". dps.psx.com.pk.
- ^ "KOIL - Stock quote for Kohinoor Industries Limited - Pakistan Stock Exchange (PSX)". dps.psx.com.pk.
- ^ "KML - Stock quote for Kohinoor Mills Limited - Pakistan Stock Exchange (PSX)". dps.psx.com.pk.
- ^ "KOHP - Stock quote for Kohinoor Power Company Limited - Pakistan Stock Exchange (PSX)". dps.psx.com.pk.
- ^ "KTML - Stock quote for Kohinoor Textile Mills Limited - Pakistan Stock Exchange (PSX)". dps.psx.com.pk.
- ^ "SSML - Stock quote for Saritow Spinning Mills Limited - Pakistan Stock Exchange (PSX)". dps.psx.com.pk.
- ^ a b c d e f g h "Group Profile".
- ^ "Due diligence for Kohinoor Oil Mills completed". Brecorder. 7 April 2004.
- ^ "EoIs invited for Kohinoor Ghee Mills". DAWN.COM. 8 August 2003.
- ^ "IBA Alumni Magazine". alumni.iba.edu.pk.
- ^ a b c d "Nationalisation in Bangladesh" (PDF).
- ^ "DAWN - Features; December 25, 2005". DAWN.COM. 25 December 2005.
- ^ Sterba, James P. (25 June 1972). "Bhutto Picks Up The Pieces of Pakistan". The New York Times. ISSN 0362-4331. Retrieved 3 April 2023.
- ^ Jordan, Miriam; Tribune, International Herald (30 December 1998). "International Fallout From Nuclear Tests Rocks Teetering Industry : In Pakistan, an Imploding Economy". The New York Times – via NYTimes.com.
- ^ "Asif Saigol convicted". DAWN.COM. 18 June 2002.