KARACHI - State Bank of Pakistan has permitted Azgard Nine Ltd to remit Euro 23.758 million for acquisition of foreign company which has ownership of registered brands. The acquisition will be completed through acquisition of 100 per cent stake of FARITAL AB, a special purpose vehicle/holding company, which is incorporated under the laws of Sweden. FARITAL AB, is currently holding 100 per cent stake of MONTEBELLO ("Target Company"), a company incorporated under the laws of Italy with their offices located in Verona, Italy. Therefore, once Azgard acquire FARITAL AB, it will have the 100 per cent ownership of Target Company as well. According to the statement issued by the Azgard, the target company is a specialist in the global denim space supplying many different types of special denim. It markets and sells the same under its own registered trade marks brands. It has a global distribution network through own sales force and brand exclusive agents. Approximately 85 percent of the sales are in the PAN European market. It has also invested significant amounts in research and development and in 2005 has registered an international patent on particular process for controlling the dyeing of denim products. It is expected that as a result of acquisition of Target Company, Azgard Nine will be able to increase its annual export by 20 per cent per annum each year with higher value addition and profit margins, statement said.