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Supreme Yarns allots equity share to Chic-Tex

Jun '07
Supreme Yarns Limited (SYL) has received Foreign Direct Investment of about USD 3.6 Million from Chic-Tex Inc. (CTI) and against it SYL has allotted 3870000 equity shares at the rate of Rs.38.26 per share.

CTI has got post-issue holding of 11%. SYL has made strategic tie-up with CTI. CTI brings more than 20 years of expertise in R & D, marketing and quality service to the partnership, providing a strong foundation for new and pre-existing customers.

“We are very excited to be working with Supreme Yarns Limited” said Mr. Marcel Menda, President and CEO of Chic-Tex. “Supreme Yarns bring first-rate technical expertise in their specialized field & excellent business contacts to our partnership and together, we share a strong commitment for excellence and look forward to expanding our reach in the global hand knitting yarn sector.”

Founded in 1984, Chic-Tex, headquartered in Montreal, Canada, with a liaison office in Istanbul, Turkey, provides highly competitive hand knitting yarns to the North and South American Markets.

Having direct and indirect production premises around the world and with highly skilled technicians, expert R & D, and strategic marketing they have expanded into Europe and other world markets.

This alliance combines the strengths of both Chic-Tex and Supreme Yarns to deliver innovative and top quality hand knitting yarns at very competitive prices, to help their new and pre-existing customers succeed in an increasingly competitive market place.

Supreme Yarns Limited, with more than 10 years experience in operating yarn mills, will expand their existing facilities for manufacturing Hand Knitting Yarn.

“Chic-Tex know-how, technical support and new stat-of-the-art machinery, will help us develop quality hand knitting yarns at very competitive prices” said Mr. Ajay Gupta, Jt. Managing Director of SYL “We see great promise as we learn more about their strong marketing strategies and export experience.”

Supreme Yarns Limited

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