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ATP inks deal for textile firms' listing on stock exchange
30
Sep '13
The Textile and Clothing Association of Portugal (ATP) has signed an agreement with the NYSE Euronext Lisbon (Portuguese Stock Exchange) with the aim of encouraging and supporting the listing of new Portuguese textile companies on the Stock Exchange.
 
According to a statement issued by NYSE Euronext, The partnership between the Stock Exchange and the ATP is part of a broader strategy to leverage the capital markets in Portugal and consequently encourage new companies to list their shares on NYSE Euronext’s markets.
 
The agreement would help ATP and NYSE Euronext to promote initiatives in textile and apparel companies in the country that are interested in a simplified access to the stock exchange in order to obtain financing, diversify shareholder structure, and placing debt securities.
 
Under the agreement, the ATP would inform its members about NYSE Euronext Lisbon’s financing options, and once the companies have been selected assuming they meet the requirements for listing on the capital markets, the NYSE would be providing guidance and support to these firms through a dedicated team of specialist consultants.
 
Paulo Vaz, director general of ATP, said capitalizing companies is one of the current priorities of the textile and apparel sector in the country, to make it more competitive in the global market.
 
Given the economic conditions in the country, it becomes increasingly difficult for companies to access bank loans, which makes these companies look for alternative financial resources, and an access to the capital market is an attractive option, he added.
 
Mr. Vaz said this agreement would allow textile and apparel companies in the country to gain access to the stock exchange and expand their businesses not just in the domestic market but also in the global market.
 
The agreement signed between ATP and NYSE Euronext Lisbon is a further step in creating an environment in Portugal that promotes the solution of business financing through an alternative option of accessing the capital market.
 

Fibre2fashion News Desk - India

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