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Wednesday September 29th, 2021
Business

Sri Lanka’s Hayleys buys South Asia Textiles for Rs3.9bn

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)

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