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Apparel maker John Master gung-ho on Chinese takeover
17 Sep '09
1 min read
Men's clothing producer, John Master Industries Bhd (JMI) is in the midst of selling of its assets to a Chinese company and said the reverse takeover would augur well for existing shareholders.
John Master's Executive Director Jackson Ho, said that, “Shareholders will have the choice of re-investing in a transformed company or keeping the cash from the capital repayment”.
John Masters will sell its entire clothing and property business for RM78.5 million and the main reason for hiving off the business are due to uncertain outlook and poor prospects for the industry it operates in.
For the fiscal year ending March 31, 2009, John Masters posted a net loss of RM2.29 million compared with a net profit of RM2.57 million in the corresponding period of the previous year.
John Master's Executive Director Jackson Ho, said that, “Shareholders will have the choice of re-investing in a transformed company or keeping the cash from the capital repayment”.
John Masters will sell its entire clothing and property business for RM78.5 million and the main reason for hiving off the business are due to uncertain outlook and poor prospects for the industry it operates in.
For the fiscal year ending March 31, 2009, John Masters posted a net loss of RM2.29 million compared with a net profit of RM2.57 million in the corresponding period of the previous year.
Fibre2fashion News Desk - India
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