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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


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