| Formerly | Dewan Mushtaq Group |
|---|---|
| Company type | Corporate group |
| PSX: DFML PSX: DFSM PSX: DWAE | |
| Industry | Corporate group |
| Founded | 1912 |
| Founder | Dewan M Mushtaq Farooque |
| Headquarters | Karachi, Pakistan |
Key people | Dewan Yousuf Farooqui (chairman) |
| Owner | Dewan family |
Number of employees | 3,400 (2019) |
| Website | yousufdewan |
Dewan Group is a group of companies headquartered in Karachi. [1]
Dewan Group was founded in 1912 as Sh Dewan Muhammad Mushtaq by Dewan M. Mushtaq Farooque. [1] [2] Its early business was focused on trading secondhand garments, procured in Karachi and sold in Delhi. [1]
Following the partition of India, the family relocated from Patiala, East Punjab to Karachi. [1] In 1948, Dewan family founded Dewan Mushtaq Sons, operating from a small shop on North Napier Road. [1] Over time, the family encountered several tragedies coinciding with their business milestones. [1] Dewan Mushtaq died in 1968, and in 1970, a vehicular accident claimed the lives of his wife, their son Noman, and a daughter while traveling to the foundation stone ceremony of Dewan Textile Mills in Kotri, the group's first cotton spinning unit. [1]
After these events, leadership transitioned to Dewan Umar Farooque, the second eldest son, who expanded the business into importing second-hand clothes and tea. [1] Under his leadership, the group became a major player in the Pakistan Secondhand Cloth Merchant Group and the Tea Traders Association of Pakistan. [1]
Between 1970 and 1978, Dewan Umar and his brother Dewan Salman established additional textile spinning units in Kotri and Hyderabad, as well as a sugar mill in Thatta with a production capacity of 5,000 tons. [1]
In 1990, Dewan Group and Mitsubishi Corporation entered into an agreement establishing Dewan Salman Fibre (DSF). [1] Polyester fibre production began in 1992 and around this time, a 12.5% sales tax was introduced on PTA and MEG. [1]
In 1994, Dewan Group undertook Pakistan's first Euro Convertible Bond issue for Unit II, as the sales tax on PTA and MEG rose to 15%. [1] Unit II commenced production in 1995. [1] In 1996, Dewan Salman Fibres relinquished a previously held sales tax concession. [1]
In 1998, Dewan Group founded Dewan Farooque Motors. [1] By 2000, the first Kia Classic car was produced, and the group completed the acquisition of Dhan Fibre. [1]
In 2003, Dewan Group established Dewan Farooque Textile Mills. [1] In 2004, the group acquired Pakland Cement for Rs 1.1 billion, along with Khoski Sugar Mill, Bawany Sugar Mill, and Al Asif Sugar Mill, and made an investment in Dewan Petroleum. [1]
In 2006, an attempt to restructure Dewan Salman Fibres' debt did not succeed. [1] By 2007, banks limited working capital availability, and Dewan Zia stepped down as chairman, succeeded by Dewan Yousuf. [1] The group recorded its first net loss, primarily due to Dewan Salman Fibres' financial performance. [1] In 2008, all entities within the group reported losses, leading to a default. [1]
The group owns the following companies:
Dewan Karachi Plant established in 1982, having total capacity of 5880 tons/day. Dewan Hattar Plant established in 1995, having total capacity 3780 tons/day. Yousuf Dewan Companies acquired the Pakland Cement Limited, Karachi and Saadi Cement Limited, Hattar on May 17, 2004. [3]
Dewan Hattar Cement Limited merged Dewan Cement Limited on 22-Oct-2007. [4]
The group owns the following educational institutes: