Silverman Holdings has announced that it will dispose of the entire issued share capital of its fabrics subsidiary, subject to shareholder approval at the extraordinary general meeting. The company’s decision is the result of challenges being faced by the textile industry in the PRC. There has been increasingly fierce competition and rising production costs.

Over the recent years, the textile industry in the PRC has faced various challenges, including increasingly fierce competition, rising domestic production costs, and weakening market demand for textiles both within and outside of the PRC.

In light of this, and with consideration to the expected future challenges facing the textile industry in the PRC, the company has decided to dispose of all the issued share capital of the fabrics subsidiary for the total consideration of $21.3 million (RMB145.2 million), which shall be settled in full by payment in cash.

This disposal will allow the company to focus on its television and film media business, which has recorded positive financial performance with healthy growth prospects. (SV)

Fibre2Fashion News Desk – India

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.