Hayleys Fabrics, a circular knitted fabrics unit of Sri Lanka’s Hayleys Group, has bought a 98.84% shareholding in South Asia Textiles Limited, a weft-knitted textiles manufacturer, for 3.953 billion rupees, Economynext reports.

Hayleys said it bought a 97.68% stake from publicly traded Ambeon Holdings Limited and another 1.16% from a minority shareholder. The company said the acquisition was part of a strategic plan to export higher value-added fabrics.

South Asia Textiles has a plant in Pagoda, Sri Lanka and can produce 800,000 kilograms of textiles per month. It makes knitted, dyed, finished, printed, brushed, suede, pre-shrunk and specialised performance based casual, lounge, sports, medical and intimate fabric.

The firm has said its products are used b Victoria Secret Pink, Next, Nike, Marks & Spencer, Tesco, PVH/Calvin Klein, Columbia Sportswear, Lidl, ASICS, George, Tommy Hilfiger, Levi’s, Helly Hansen, Hanes, Hugo Boss, Decathlon, and Adidas brands.

https://hayleysfabric.com/