Home / Knowledge / News / Textiles / C&G's PET chips and yarn business up for sale
C&G's PET chips and yarn business up for sale
31
Mar '10
A Memorandum of Understanding (MOU) has been signed by the C&G Industrial Holdings Limited to give effect to sale of its PET chips and yarn production business for between US $49-58 million.

Shortly, the business which at present is owned by C&G's subsidiary, CHGU Group Technology Holdings International Ltd (CHGU), will be acquired by Mr Hou Shiqing, who is a major shareholder in Gangyi Dyeing Manufacture Co., Ltd., a Shishi City textile group.

The ultimate sale price is to be worked out by both the parties through negotiations, after considering CGHU's economical conditions along with its business prospects.

The MOU will be in effect only for a duration of six months and will lapse and become ineffective thereafter, and thus, Mr. Hou who is carrying out due diligence on the group is required to effect to the final sale and purchase agreement, within this time period.

As it is a pre-requisite, a general meeting of shareholders is to be convened to obtain their permission prior to giving final form to the proposed sale. Also permission needs to be obtained from SGX-ST and other concerned regulatory authorities.

According to C&G Group Chief Executive, Cai Junyi, the textile industry has become more competitive and the group would have to make heavy and substantial investments to stay ahead.

Fibre2fashion News Desk

Must ReadView All

Textiles | On 9th Dec 2016

ACIMIT signs MoU with Pakistan textile bodies

In a bid to strengthen the trading in garments and textiles between...

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

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...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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