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Ocean Sky sells El Salvador apparel making arm
04 Jan '12
1 min read
Ocean Sky International Limited, a Singapore-based integrated apparel service provider from design to distribution, has sold all the assets of its wholly-owned subsidiary in El Salvador, Ocean Sky Apparel (OSA), for an aggregate cash consideration of US$1.153 million.
OSA is engaged in manufacturing, import and export of apparel, textiles, related materials and products in El Salvador.
Ocean Sky International's decision to sell its assets in El Salvador is in line with its strategy to focus its manufacturing operations in Asia, with the main production facilities located in
Cambodia.
The company said it does not expect the sale of its El Salvador arm to impact its financial performance during the current year.
OSA is engaged in manufacturing, import and export of apparel, textiles, related materials and products in El Salvador.
Ocean Sky International's decision to sell its assets in El Salvador is in line with its strategy to focus its manufacturing operations in Asia, with the main production facilities located in
Cambodia.
The company said it does not expect the sale of its El Salvador arm to impact its financial performance during the current year.
Fibre2fashion News Desk - India
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