Home / Knowledge / News / Apparel/Garments / Malaysia's Hing Yiap to buy six firms of Asia Brands
Malaysia's Hing Yiap to buy six firms of Asia Brands
16
Jul '12
Hing Yiap Group Bhd, Malaysian apparel trader and retailer, is set to procure six subsidiary companies of Asia Brands Corp Bhd for a price of RM 245 million.
 
The six firms are Asia Brands Global Sdn Bhd, Anakku Sdn Bhd, Asia Brands Assets Management Sdn Bhd, Audrey Sdn Bhd, Asia Brands HR Services Sdn Bhd and Mickey Junior Sdn Bhd.
 
According to a conditional sale agreement signed between Hing Yiap and Asia Brands, Hing Yiap would pay a sum of RM 179.3 million in cash, and issue 30,137.615 new shares of RM 1.00 each, at an issue price of RM 2.18 per share, to raise another RM 65.7 million for purchase of the six firms.
 
The main idea behind acquisition of subsidiaries of Asia Brands Corp is that their firm is also in the same apparel trading and retailing business as Asia Brands, said Hing Yiap in a filing to Bursa Malaysia.
 
The said acquisitions would positively impact Hing Yiap’s performance, as the enlarged company would benefit from a wider consumer network, consolidated operations and reduction in duplication of resources within the consolidated firm.
 
Also, this would enhance the efficiency and effectiveness of the company’s marketing and distribution networks.
 
The procurement would also allow Hing Yiap to establish a strong presence in the babies and children’s wear product market, as home-grown brand Anakku, one of the entity proposed to be acquired, marks a strong presence in Malaysia for over three decades.
 
The deal would also open ways for Hing Yiap Group to expand its operations to include marketing and distribution of women’s intimate apparels through home-grown brand Audrey, also in the proposed list of acquisition.
 

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Reliance Industries

Textiles | On 24th Apr 2017

Reliance’s FY17 revenue from petrochemicals up 12.2%

Increase in prices across polymers and polyester chain has...

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

GST reflects 'One nation, One aspiration' spirit: Modi

Prime Minister Narendra Modi has said that the Goods and Services Tax ...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search