Ceylon FT: Ceylon Leather Products PLC yesterday said it increased its stake in South Asia Textile Industries Lanka (Pvt.) Ltd to over 80% with a Rs 306 million deal. In a stock exchange filing, the company said it purchased 3.06 billion shares in South Asia Textile for Rs 306.45 million through a rights issue.
Lanak Century Investments PLC, the controlling shareholder of Ceylon Leather, also bought 480.7 million shares of South Asia Textile for Rs 48.07 million, increasing its stake to 12.61%.
South Asia Textile produces weft knitted fabric and specializes in knitting, dyeing, finishing, printing, brushing, sueding and anti pill micro/polar fleece fabric.
Its factory is located in Pugoda with a 700,000Kg monthly capacity.
Its buyers include global heavy weights, Puma, PC Penney, Old Navy, Wal-Mart, Victoria's Secret, Next, Reebok, Mother Care, Gap, Marks and Spencer and Levi's.
Operating an industrial tannery, Ceylon Leather manufactures bags, accessories and shoes and operates several outlets branded DI Leather Boutique.
It reported an Rs 135.68 million net profit for the year ended 31 March 2014, up 40% from a year ago.
www.ceylontoday.lk
Lanak Century Investments PLC, the controlling shareholder of Ceylon Leather, also bought 480.7 million shares of South Asia Textile for Rs 48.07 million, increasing its stake to 12.61%.
South Asia Textile produces weft knitted fabric and specializes in knitting, dyeing, finishing, printing, brushing, sueding and anti pill micro/polar fleece fabric.
Its factory is located in Pugoda with a 700,000Kg monthly capacity.
Its buyers include global heavy weights, Puma, PC Penney, Old Navy, Wal-Mart, Victoria's Secret, Next, Reebok, Mother Care, Gap, Marks and Spencer and Levi's.
Operating an industrial tannery, Ceylon Leather manufactures bags, accessories and shoes and operates several outlets branded DI Leather Boutique.
It reported an Rs 135.68 million net profit for the year ended 31 March 2014, up 40% from a year ago.
www.ceylontoday.lk
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