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

Textiles | On 1st Mar 2021

AfCFTA rules of origin talks to conclude in June: Egyptian

Talks are currently under way between member states of the African...

Pic: Fraser Group

Retail | On 1st Mar 2021

Frasers Group anticipates £100-mn hit from lockdown

Frasers Group recently said it could take a hit in excess of £100...

Pic: Shutterstock

Retail | On 1st Mar 2021

TJX Companies FY21 sales fall 4% to $32 bn

The TJX Companies, a US-based leading off-price apparel and home...

Interviews View All

Office bearers, Textile industry

Office bearers
Textile industry

There might be negative impact on garment exports

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Sanjay Desai & Ashish Mulani, True Colors

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Simon Daplyn,

Simon Daplyn

Switzerland-based Sensient Imaging Technologies is a pioneer with a global ...

Erik Sy,

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Subrata Ghosh,

Subrata Ghosh

Nandan Denim, part of leading conglomerate Chiripal Group, commenced its...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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 2021

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


Advanced Search