Hayleys Fabric PLC entered into an agreement with Ambeon PLC Holdings on Thursday (22) in order to acquire majority equity of South Asia Textiles Ltd. which was disclosed to the Colombo Stock Exchange (CSE) by both companies.
Hayleys Fabric PLC made the disclosure on the very day of the agreement they made with Ambeon PLC Holdings, to the CSE, and Ambeon PLC Holdings made the corporate disclosure to the CSE the next day (23) under Section 8 of the Listing Rules.
Hayleys Fabric PLC is engaged in manufacturing knitted fabrics and is an export-oriented company. With the agreement made, Haylays anticipates to expand its potential to cater quality fabric to the export market.
Ambeon Holdings PLC, which was formerly known as Lanka Century Investments PLC, is a medium-sized, diversified conglomerate which is listed on the CSE. Whilst, South Asia Textiles Ltd. is in fact a subsidiary of Ambeon Holdings PLC which commenced its commercial operations in 2004, Ambeon Holdings PLC has a collection of services, not only on textiles but also financial services, technology, porcelain, leather products, and real estate.
Hayleys Fabrics acquires majority stake in South Asia Textiles
26 Apr 2021
Hayleys Fabrics acquires majority stake in South Asia Textiles
26 Apr 2021
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