ECONOMYNEXT – Hayleys Fabrics, a unit Sri Lanka’s Hayleys group said it had bought 98.84 percent of South Asia Textiles Limited, weft-knitted textile manufacturer, for 3.953 billion rupees.
Hayleys said it bought a 97.68 percent stake from publicly traded Ambeon Holdings Limited and another 1.16 percent from a minority shareholder.
Hayleys Fabrics said the acquisition was part of a strategic plan to export higher value added fabric.
South Asia Textiles has a plant in Pugoda, Sri Lanka and can produce 800,000 kilograms of textiles per month.
It makes knitted, dyed, finished, printed, brushed, suede, pre-shrunk and specialised performance based casual, lounge, sports, medical and intimate fabric.
The firm has said its products are used b Victoria Secret PINK, Next, NIKE, Marks & Spencer, Tesco, PVH/Calvin Klein, Columbia Sportswear, Lidl, ASICS, George, Tommy Hilfiger, LEVI’s, Helly Hansen, Hanes, Hugo Boss, Decathlon, and Adidas brands. (Colombo/Apr24/2021)