Home / Knowledge / News / Textiles / C&G sells its textile business to Chinese textile firm

C&G sells its textile business to Chinese textile firm

10
Jun '10
Polyethylene terephthalate or PET chips and yarn manufacturing business of C&G Environmental Protection Holdings will be sold of US $45.8 million or S$ 64.8 million by the company itself.

C&G is selling its business at a 12.7 percent lower value than the overall asset valuation of S$ 74.2 million that was declared on March 31, 2010.

The sales of their business are a part of their plans to come out of the textile business and enter the waste-to-energy business.

Hou Shiqing, a China-based textile manufacturing firm and a key shareholder of Shishi City Gangyi Dyeing Manufacture will be buying out C&G's textile business.

The sell-off of this business will aid in generating funds, which will further enhance the company's cash balance, informed C&G.

However, the sale will not have any significant financial effect on the company's second quarter results.

Fibre2Fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 30th Mar 2020

PRC economy to quickly return to potential growth: PBOC

China's economy will swiftly return to its potential growth rate,...

Pic: Shutterstock

Apparel/Garments | On 30th Mar 2020

COVID FightBack: Malaysia takes steps to tackle impact

Malaysia will grant a six-month delay on most loan payments to ease...

Pic: Shutterstock

Retail | On 30th Mar 2020

NRF hails US House of Representatives consent to CARES Act

The National Retail Federation has welcomed the quick passage by the...

Interviews View All

Priyanka, Studio Priyanka Rajiv

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

C Kamatchisundaram, Voltas

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Kaizad Hansotia, GetNatty

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Alphonse Reddy,

Alphonse Reddy

Bangalore-based Sunday designs and makes mattresses and accessories that...

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Wesly Clements,

Wesly Clements

US-based Baldwin Technology Company is a global manufacturer and supplier...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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


March 2020

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


Advanced Search