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CP&DH secures initial order of RMB 27.2mn for supplying to Wal-Mart

May '07
SGX Mainboard-listed China Printing & Dyeing Holding Limited (“China Printing & Dyeing” or the “Company”), a one-stop textile printing and dyeing solutions provider in Shaoxing, Zhejiang Textile center of the People's Republic of China (“PRC”), has secured an initial order of weft-elastic slubby yarn worth RMB27.2 million from Nanjing Textiles Import & Export Corporation for supplying its fabrics to Wal-Mart for its approved garment factories in 1H2007.

The Company has also signed a Memorandum of Understanding (MOU) for a potential order worth at least RMB84.75 million. These orders are expected to have a positive impact on the FY2007 financials with immediate effect from 2QFY2007.

“We are honoured to establish this unique collaboration with Wal-Mart which clearly demonstrates our strategy to focus on high value-added business."

"As the printing and dyeing industry in the PRC continues to flourish, underpinned by direct sourcing from US buyers such as Wal-Mart & European buyers who used to source from Japan and Korea, we see ourselves maintaining our growth momentum for the rest of the year through these new orders. We believe this alliance with Wal-Mart will give China Printing & Dyeing a significant competitive advantage.”

Delivery of the initial order of 1.52 million metres of weft-elastic slubby yarn will be completed by June 2007. For this initial order, China Printing & Dyeing has already received a deposit of RMB2.77 million.

The potential order of 5.65 million metres of weft-elastic slubby yarn is expected to complete in 2H2007. Wal-Mart will use the weft-elastic slubby yarn for producing men and women trousers for leisure wear.

China Printing & Dyeing Holding Limited

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