Home / Knowledge / News / Textiles / El Nasr seeks financial assistance for restructuring
El Nasr seeks financial assistance for restructuring
27
Sep '10
The Egyptian knitwear company – El Nasr Clothes & Textiles, which manufactures textiles for business clients like Marks & Spencer Group Plc, is looking for financial assistance for the purpose of restructuring the company. It has also planned to export clothing to the US.

The company is planning to raise funds either from the sale of the company's assets, addition of capital or a loan. The decision will be taken by the board. The proposal for restructuring the company and investment needed to upgrade the machines will be put forward at the next board meeting which is going to be held on 28th September.

El Nasr machines have not been upgraded in last 10 years. This has led to added expenditure on production of fabrics, as a lot of waste is generated. Currently, most of the machines are running at 50 to 60 percent of their production capacity, which is expected to increase up to 70 percent by January. The company's capacity, for knitting as well as dyeing, is 15 tons per day.

As a result of better management, the company's sales are expected to rise, by 15 percent to 180 million Egyptian pounds (US $31.5 million) in the current fiscal year which ends on June 2011.
But the amount to be raised for investment has not been disclosed by the company.

El Nasr, also recognized as Kabo, is entitled to ship textiles to the US under a contract that focuses on using Israeli components. The company will exploit the Qualified Industrial Zone (QIZ) in Egypt.

Exports of apparels to US from Egypt have increased two-folds since 2005. It was around the same time when US had permitted the products, duty-free entry into its market, manufactured from Israeli raw materials and produced in the QIZ of Egypt.


Fibre2fashion News Desk-India

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search