Home / Knowledge / News / Textiles / Chinatex to acquire stake in Hong Kong's Fountain Set
Chinatex to acquire stake in Hong Kong's Fountain Set
07
Apr '12
Chinatex Corp, a Chinese state-owned enterprise, will procure a majority stake in Hong Kong-based knitted fabric producing firm Fountain Set (Holdings) Limited.

Fountain Set, the firm established by the Ha Chung-fong family in 1969, would sell its 409 million new shares worth HK$ 511.3 million to the Chinese conglomerate, the country's biggest cotton trader.

Post acquisition, Chinatex would have a 34 percent stake in Fountain Set, while Ha family's holding would reduce from the current 43.28 percent to 28.56 percent.

Fountain Set is a leading producer of circular knitted fabric and it caters to fabric needs of garment firms in 40 nations.

The firm made HK$ 7.6 billion in revenues during the year ended August 31, 2011. However, it anticipates the ongoing financial year to be a challenging one due to sluggish demand from North America and Europe.

The company is now planning to shift its focus to the mainland market.

Fountain Set proposes to use a minimum 60 percent of the sales proceeds received from Chinatex for repayment of its bank loans.

Fibre2fashion News Desk - India


Must ReadView All

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Marcel Alberts
Eurofibers

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search