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LAP Textiles acquires 60% stake in Tri-Star Apparels

10
Jan '07
Libyan Africa Portfolio (LAP) Textiles has acquired 60 percent stake of Ugandan firm Tri-Star Apparels, which gives LAP a strong hold over the latter. LAP will tie up with Government which is to keep 30 percent stake and remaining ten percent will rest with the company.

Tri-Star is the lone domestic enterprise exporting garments to US in accordance with tax free African Growth and Opportunities Act (AGOA).

Managing Director of Tri-Star, Kananathan Velluppillai, and Finance Ministry have assured that the deal has been made. Government wants to reorganize the firm into a private-public liability enterprise according to Minister for Investment, Semakula Kiwanuka.

Logistical troubles and high losses forced the company to shutdown in July last year, despite Government providing loans and subsidies worth sh24 billion to it. Hundreds of labourers were laid off due to closure.

Efforts by Government for reviving Tri-Star using funds of sh20 billion went in vain, hence the need rose to bring in a partner.

Government asked LAP to attain the company's factories, following which a Libyan group evaluated Tri-Star. They planned investment of $33 million in spinning and weaving units of company for enhancing production.


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