June 20, 2011 (LBO) – Sri Lankan fabric supplier Textured Jersey Lanka plans to use funds raised through a private placement and a forthcoming public offer to expand production and buy modern machinery to improve efficiency. Subsequent to the IPO, Pacific Textiles, through its wholly owned subsidiary Pacific Textured Jersey Holdings, and Brandix Lanka, will collectively hold 70.08 percent of the total issued shares of the company. The joint venture between Pacific Textured Jersey Holdings, a fully owned subsidiary of Hong Kong’s Pacific Textiles Holdings, and Brandix Lanka, has been granted approval by the Colombo bourse for a listing on its Main Board.
The subscription list for the IPO will open on July 07, 2011 and applications will be accepted from June 27, 2011, a statement said.
“The listing would enable the company to take advantage of potential growth opportunities in both Sri Lanka and the South Asian region, and also provide a separate independent platform to raise funds from capital markets to support its future growth aspirations.
“The company remains confident in mitigating the challenge posed by the recent volatility in cotton prices, given its ability to pass on these industry generic costs, and