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

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Larry L Kinn
Suominen Corporation

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

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

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search