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Hayleys group increases stake in fabric manufacturing unit
Oct '09
Sri Lanka's Hayleys group has increased its stakes in 'Hayleys-MGT Knitting Mills', a fabric manufacturing unit of the group, after it bought shares from its share holders. Stake of the group has now increased from 55 percent to 71.87 percent.

The group has received a total of over 8.1 million shares or around 16.60 percent stake. Hayleys group also bought 6.9 million shares (14.1 percent stake), for Rs. 210 million, held by National Development Bank in Hayleys MGT Knitting Mills.

Hayleys MGT is in the business of cotton and synthetic fabric production, which manufactures 4 million meters of fabric per month. The unit is a supplier to top international brands including Marks & Spencer, Next, Nike, Reebok and Decathlon.

Fibre2fashion News Desk - India

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