The Commercial Court in Barcleona, Spain has authorized Dogi International Fabrics, the bankrupt textiles company to sell its stake in its textiles plant in Sri Lanka.
DogiEFA, the Sri Lankan company, was set up four years ago and is a joint venture between Dogi, Elastic Fabrics of America (EFA) and MAS Holdings.
DogiEFA reported to the stock market regulator CNMV that, as per the court order, it will sell its stake for US $800,000 or €649,825 to one of its local partners in Sri Lanka.
The company said this decision has been taken in the context of the continuing losses of its Sri Lankan subsidiary and also as part of its turnaround program.
It may be mentioned here that Dogi had reported a €1.4m (US $1.7m) first-half loss in May 2010, five times less than the €6.9m loss it declared in the year-ago period.
Fibre2fashion News Desk - India
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