Home / Knowledge / News / Apparel/Garments / Malaysia's Hing Yiap to buy six firms of Asia Brands

Malaysia's Hing Yiap to buy six firms of Asia Brands

16
Jul '12
Hing Yiap Group Bhd, Malaysian apparel trader and retailer, is set to procure six subsidiary companies of Asia Brands Corp Bhd for a price of RM 245 million.
 
The six firms are Asia Brands Global Sdn Bhd, Anakku Sdn Bhd, Asia Brands Assets Management Sdn Bhd, Audrey Sdn Bhd, Asia Brands HR Services Sdn Bhd and Mickey Junior Sdn Bhd.
 
According to a conditional sale agreement signed between Hing Yiap and Asia Brands, Hing Yiap would pay a sum of RM 179.3 million in cash, and issue 30,137.615 new shares of RM 1.00 each, at an issue price of RM 2.18 per share, to raise another RM 65.7 million for purchase of the six firms.
 
The main idea behind acquisition of subsidiaries of Asia Brands Corp is that their firm is also in the same apparel trading and retailing business as Asia Brands, said Hing Yiap in a filing to Bursa Malaysia.
 
The said acquisitions would positively impact Hing Yiap’s performance, as the enlarged company would benefit from a wider consumer network, consolidated operations and reduction in duplication of resources within the consolidated firm.
 
Also, this would enhance the efficiency and effectiveness of the company’s marketing and distribution networks.
 
The procurement would also allow Hing Yiap to establish a strong presence in the babies and children’s wear product market, as home-grown brand Anakku, one of the entity proposed to be acquired, marks a strong presence in Malaysia for over three decades.
 
The deal would also open ways for Hing Yiap Group to expand its operations to include marketing and distribution of women’s intimate apparels through home-grown brand Audrey, also in the proposed list of acquisition.
 

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 17th Feb 2020

Vietnam textile firms urged to source from Malaysia, India

Pham Xuan Hong, president of Ho Chi Minh City’s textile association,...

Pic: Shutterstock

Textiles | On 17th Feb 2020

Myanmar to initiate measures to improve trade strategies

Myanmar will take measures to raise overseas demand for indigenous...

Pic: PaCT

Apparel/Garments | On 17th Feb 2020

IFC portal to monitor resource usage in Bangla RMG sector

The International Finance Corporation (IFC) has developed PaCT...

Interviews View All

Veronique Lee, Modavanti

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Kaizad Hansotia, GetNatty

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Textile industry, Head honchos

Textile industry
Head honchos

It is a well-calibrated budget

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Uhan Soebiantoro,

Uhan Soebiantoro

Luckytex is an integrated textile manufacturing company founded by...

Zennure Danisman,

Zennure Danisman

Since its inception in 1953, Orta Anadolu has been weaving a denim...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

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


February 2020

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


Advanced Search