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 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Rahuul Jashnani
Jashn

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

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mohammad Hassan
Biax Fiberfilm

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Rupa Sood and Sharan Apparao
Nayaab

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Wendell Rodricks
Wendell Rodricks

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

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search