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Sri Lanka's Textured Jersey to raise $26.3mn via IPO
Mar '11
Textured Jersey, a Sri Lanka based textile manufacturing brand, jointly owned by Hong Kong's Pacific Textiles and Brandix Lanka Ltd, recently revealed its intentions to raise Rs. 2.9 billion or USD 26.3 million in equity, by way of selling its 30 percent stake to public through private placement and initial public offering.

As revealed in a company statement, Brandix Lanka holds a 40 percent stake in Textured Jersey, while Pacific Textiles holds the rest.

Textured Jersey is engaged in manufacturing of dyed stretch and weft-knitted for apparel manufacturers and retail chains in Asia. Also it added that, it counts on big names like Marks & Spencer, Victoria's Secret and Intimissimi as its biggest clients.

Bill Lam, Director and Chief Executive of Pacific Textiles, a firm listed on Hong Kong stock exchange, in a statement said that, though the globally soaring prices of cotton remain to be a cause of concern for the entire industry, they are hopeful that this would help the industry to consolidate in the longer run, and the strong players would continue earning a higher market share.

The statement further stated that, the China-based plants of Pacific Textiles have a capacity to churn out 87 million kg of fabrics per annum. Also that, its revenues grew by 21 percent to US $472 million during the six months ended on September 30, 2010, as over corresponding period a year earlier. The firm's net profits too grew by 17 percent to US $58 million during the period.

Textured Jersey operates a factory spread on a 650,000 square feet area in Avissawella in Sri Lanka, housing a monthly capacity to knit, dye and finish 2.5 million metres of fabric. Also an official revealed that, the firm earned around USD 83 million in revenues during last year.

Brandix operates 32 plants in Sri Lanka and employs around 30,000 workers in these plants. Big brands like Tommy Hilfiger, Marks & Spencer, Victoria's Secret, Gap, PINK, Hanes, Banana Republic, Land's End, Express, H&M, Tesco and Intimissimi are its clientele.

Fibre2fashion News Desk - India

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