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Southern Turkey's textile firm plans for IPO
16
Nov '10
As revealed by Abud Abdo, Chief Executive Officer of Hateks, a textile firm owned by three families and located in a southern territory of Hatay, the firm is considering an Initial Public Offering (IPO) for a five million Turkish Lira.

The firm possesses a huge facility on Syrian border of Turkey, while a new facility is underway in neighbouring country's Aleppo province. The CEO, while addressing a press meet at company's Hatay based facility recently, stated that, the company has already submitted the final draft of its application for IPO to the Istanbul Stock Exchange and the Capital Markets Board, or SPK.

The firm supplies textile items to 20 international labels including Benetton, Armani, Diesel, Ikea, Tchibo and Marks & Spencer.

A part of the IPO funding would be used for the betterment of the firm's facility in Aleppo, and to boost its Sensei brand, based in France, Abdo said, and added that, some of the funds would even be diverted towards settlement of the short-term debts.

The firm intends to boost its competitive strength against textile firms in China, through its Aleppo facility, as the area enjoys the benefit of low costs, Abdo said.

Hateks registered a turnover of 62 million liras in 2009, while it largely exported $40 million worth goods to Europe during the year.

Further, the firm also recorded a 10 percent hike in its earnings till now against the corresponding period last year. It is also eyeing a turnover of 100 million liras by the end of the current year.

Fibre2fashion News Desk-India

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