Home / Knowledge / News / Textiles / Sri Lankan Hayleys plans rights issue for expansion
Sri Lankan Hayleys plans rights issue for expansion
22
Feb '12
Hayleys MGT Knitting Mills PLC, Sri Lankan manufacturer of knitted fabrics, will float a rights issue to raise SL Rs. 914 million, which will be utilized for expansion and to strengthen the firm's balance sheet, the company has announced.

Subject to approval from shareholders and Colombo Stock Exchange (CSE), the Board of Directors of the company have proposed to issue two new ordinary shares for every ordinary share held, at a value of SL Rs. 9 per share.

According to the company statement, its current capital is SL Rs. 527.856 million, held in the form of 50.781 million ordinary shares.

The Board of Directors, in their filing with the CSE, said Hayleys MGT Knitting Mills will utilize the proceeds from the proposed rights issue to invest in procuring machinery for manufacturing of higher value fabrics, in introducing energy saving initiatives, in upgrading its Enterprise Resource Planning (ERP) system, and to strengthen the company's Balance Sheet.

With an annual turnover in excess of US$ 50 million, Hayleys MGT Knitting Mills is a leading weft knitted fabric supplier to top global brands such as George, Decathlon, Nike and M&S.

Accredited by Marks & Spencer, NEXT, BHS, TESCO, Boden, Mothercare and Adams & Woolworth, the company has production capacity of 1 million kg of knitted fabrics per month.

Hayleys MGT knitted fabric product range includes Single Jersey, Fleece, Interlock, Pique, Rib, Polar Fleece/Micro Fleece, including Antipil and special knitted fabric finishes such as Moisture Management, Real Cool Cotton, Gold and American Finishes. The fabric range also includes printed and Lycra based knitted fabric and jacquard collars.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eamonn Tighe
Nature Works LLC

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Rupa Sood and Sharan Apparao
Nayaab

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

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

news category


Related Categories:
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



X