Home / Knowledge / News / Textiles / Silverman to dispose of fabrics business
Silverman to dispose of fabrics business
15
Jul '17
Silverman Holdings has announced that it will dispose of the entire issued share capital of its fabrics subsidiary, subject to shareholder approval at the extraordinary general meeting. The company’s decision is the result of challenges being faced by the textile industry in the PRC. There has been increasingly fierce competition and rising production costs.

Over the recent years, the textile industry in the PRC has faced various challenges, including increasingly fierce competition, rising domestic production costs, and weakening market demand for textiles both within and outside of the PRC.

In light of this, and with consideration to the expected future challenges facing the textile industry in the PRC, the company has decided to dispose of all the issued share capital of the fabrics subsidiary for the total consideration of $21.3 million (RMB145.2 million), which shall be settled in full by payment in cash.

This disposal will allow the company to focus on its television and film media business, which has recorded positive financial performance with healthy growth prospects. (SV)

Fibre2Fashion News Desk – India


Must ReadView All

Top 15 US fashion brands are collectively worth $70 bn

Fashion | On 22nd Jul 2018

Top 15 US fashion brands are collectively worth $70 bn

The top 15 American fashion brands are collectively worth close to...

Courtesy: Covestro

Textiles | On 22nd Jul 2018

Covestro's new products for waterproof textile coating

Covestro, which is among the largest polymer companies, has unveiled...

Evogene, IMAmt to work together in insect resistance

Textiles | On 22nd Jul 2018

Evogene, IMAmt to work together in insect resistance

Evogene, a leading biotechnology company developing novel products...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mike Hoffman
Gildan Activewear SRL

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

Ritu Kumar
Label Ritu Kumar

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

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

Leave your Comments


July 2018

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

news category


Related Categories:

Advanced Search