In a filing made with the Colombo Stock Exchange, Kuruwita Textile Mills has announced that the parent company of its majority shareholder, Brandix Textile Holdings Ltd, Phoenix Ventures Ltd has acquired 771,900 shares of Kuruwita Textile Mills at Rs 25 per share.
The total amount of money spent in purchasing the stake amounts to Rs 19.2 million and according to company officials, one of the top ten shareholders of the company has sold the stake to Phoenix Ventures Ltd. Before the acquisition, the stake of the Brandix group in the company was 77.5 percent.
Kuruwita Textile Mills, which is a supplier of fabrics to export oriented garment manufacturing units, is facing troubled times since the beginning of 2008. For the nine months ending on December 31, 2008, it had toted up losses amounting to Rs 185 million compared to Rs 1.2 million in the same period of 2007.
Fibre2fashion News Desk - India
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