Saigol Group Explained

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

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

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.

Companies

The group currently owns following companies:[7]

Listed

Unlisted

Former subsidaries

Nationalised

See main article: Nationalisation in Pakistan.

East Pakistan

Family members

External links

Notes and References

  1. Web site: Rebuilding on ruins of nationalization (includes history of Saigol Group). Nasir. Jamal. 11 November 2013. Dawn (newspaper). 1 February 2019.
  2. "The richy rich ones of poorly poor nation": http://dailymailnews.com/dmsp0204/dm001.html.
  3. Web site: 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. Special to THE NEW YORK. TIMES. 3 August 1948. NYTimes.com.
  4. Web site: Group profile. dead. https://web.archive.org/web/20100206172616/http://www.pel.com.pk/group-profile.html. 2010-02-06.
  5. Web site: Executive Profile. Bloomberg.com. 14 February 2017.
  6. Web site: Executive Profile. bloomberg.com. 14 February 2017.
  7. Web site: PEL - A Journey Of 6 Decades - Going Stronger Than Ever.
  8. Web site: MLCF - Stock quote for Maple Leaf Cement Factory Limited - Pakistan Stock Exchange (PSX). dps.psx.com.pk.
  9. https://dps.psx.com.pk/company/PEL
  10. Web site: KOHE - Stock quote for Kohinoor Energy Limited - Pakistan Stock Exchange (PSX). dps.psx.com.pk.
  11. Web site: KOIL - Stock quote for Kohinoor Industries Limited - Pakistan Stock Exchange (PSX). dps.psx.com.pk.
  12. Web site: KML - Stock quote for Kohinoor Mills Limited - Pakistan Stock Exchange (PSX). dps.psx.com.pk.
  13. Web site: KOHP - Stock quote for Kohinoor Power Company Limited - Pakistan Stock Exchange (PSX). dps.psx.com.pk.
  14. Web site: KTML - Stock quote for Kohinoor Textile Mills Limited - Pakistan Stock Exchange (PSX). dps.psx.com.pk.
  15. Web site: SSML - Stock quote for Saritow Spinning Mills Limited - Pakistan Stock Exchange (PSX). dps.psx.com.pk.
  16. Web site: Group Profile.
  17. Web site: Due diligence for Kohinoor Oil Mills completed. 7 April 2004. Brecorder.
  18. Web site: EoIs invited for Kohinoor Ghee Mills. 8 August 2003. DAWN.COM.
  19. Web site: IBA Alumni Magazine. alumni.iba.edu.pk.
  20. Web site: Nationalisation in Bangladesh.
  21. Web site: DAWN - Features; December 25, 2005. 25 December 2005. DAWN.COM.
  22. News: Sterba . James P. . 1972-06-25 . Bhutto Picks Up The Pieces of Pakistan . en-US . The New York Times . 2023-04-03 . 0362-4331.
  23. Web site: International Fallout From Nuclear Tests Rocks Teetering Industry : In Pakistan, an Imploding Economy. Miriam. Jordan. International Herald. Tribune. 30 December 1998. NYTimes.com.
  24. Web site: Asif Saigol convicted. 18 June 2002. DAWN.COM.

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