Home / Knowledge / News / Apparel/Garments / Forever Source to buy 60% BISB stake of Baneng Holdings

Forever Source to buy 60% BISB stake of Baneng Holdings

28
Dec '06
Forever Source Ltd, a Hong Kong based firm, will buy partial stake of apparel maker Baneng Holdings Bhd in its subsidiary Baneng Industries Sdn Bhd (BISB) to cut the latter's debts.

Lim Choon Hiok, Lim Meng Hong and former Malacca Chief Minister Tan Sri A Rahim Tamby Chik are Directors of BISB.

Baneng is selling 60 percent of its BISB stake to Forever for RM27 million which will be utilized by company to pay back its debts. This totalled to RM108.8 million in December last year.

With 40 percent share, company will be actively involved in all dealings of BISB conducted by Forever.

Due to interest savings resulting from repayment of debts after this move, Baneng's future profit is anticipated to go up. Sale of stake and refunding of debts will enable Baneng to strengthen its roots in apparel industry.


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 20th Feb 2020

PRC firm builds protective suit production line in 8 days

Korla Bingjuan Garment Co., a garment factory in northwest China's...

Pic: Shutterstock

Apparel/Garments | On 20th Feb 2020

Bangla garment accessories sector may lose Tk 1500 cr

Bangladesh's garments accessories and packaging sector may incur a...

Pic: paul prescott / Shutterstock.com

Textiles | On 20th Feb 2020

Sri Lanka's textile exports earn $5.596 bn in 2019

Sri Lanka’s earnings from textiles and garments exports increased by...

Interviews View All

Office bearers, Textile industry

Office bearers
Textile industry

There might be negative impact on garment exports

Manuj Terapanthi, Texaura

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Ghanshyam Ghoghari, Kimora Fashion

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Tejas N Patel, Navin D Patel,

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Dejan Lalevic,

Dejan Lalevic

Mesdan SPA, a subsidiary of Italian firm Savio Macchine Tessili,...

Mirella Sardini,

Mirella Sardini

A leading manufacturer of automated machinery and equipment for the...

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

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

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

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

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