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Increases stakes in PT Sri Lanka to 60%
2008-01-30 Download_Press_Release_080130 (PDF, 36.16K)
Pacific Textiles Increases stakes in PT Sri Lanka to 60% For a Cash Consideration of US$ 1,630,000 Under the Agreement, Pacific Textiles has agreed to purchase 8% of sales shares of PT Sri Lanka from Brandix in a cash consideration of US$ 1,630,000. The consideration for the acquisition will be funded by the internal resources of the Group. Upon completion of the acquisition, Pacific Textiles and Brandix will own 60% and 40% of PT Sri Lanka respectively. As part of the Company’s strategy to expand the production volume and the geographic scope of operations, Pacific Textiles acquired a controlling interest in knitting and dyeing facility in PT Sri Lanka in 2004, and have since expanded its annual production capacity. The expansion plans of PT Sri Lanka have been proceeded as planned and the production capacity of PT Sri Lanka will be double that of the existing capacity upon the completion of the expansion plans (which is expected to be completed by March 2008). The acquisition will enable the Company to capitalize the benefits of the expansion plans of PT Sri Lanka. For further enquiries, please contact Hill and Knowlton Asia Ltd.:-
Company Contacts:
Shari Lai
Tel:(852) 2894 6251/ 6622 7807

Company Contacts:
Sharis Siu
Tel:(852) 2894 6322/ 9316 8576

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