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Sri Lanka Brandix to invest Rs.1.5 billion at Comilla EPZ in Bangladesh.

Colombo, July 19 -- Brandix Apparel Bangladesh Limited, a unit of Sri Lanka's Brandix group will set up a Garments Manufacturing Industry in Comilla Export Processing Zone of Bangladesh, a statements said recently.

Accordingly, the company will invest about $14 million or Rs.1.5 billion in setting up its unit, and manufacture all kinds of garments items, and the company will also create employment opportunities for approximately 2377 Bangladeshi nationals.

Subsequently, an agreement to this effect had been signed between the Bangladesh Export Processing Zones Authority and Brandix Apparel Bangladesh Limited at BEPZA Complex in the capital Dhaka recently.

Another development a joint venture by Sri Lanka's Brandix group and Hong Kong's Pacific Textiles, Textured Jersey raised nearly Rs.1.2 billion from its IPO offering 80 million ordinary voting shares at Rs.15 per share. Textured Jersey (TJL) also raised Rs.1.7 billion from a Pre-IPO Private Placement.

However, it was reported that the major shareholder of Textured Jersey Lanka (TJL), Cayman Island incorporated Pacific Textiles Holdings Limited (PT) group is yet to realize a total gain of over Rs.3.2 billion or Hong Kong Dollars 230 million on the disposal of shares via TJL private placement.

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Publication:Asian Tribune (India)
Geographic Code:9SRIL
Date:Jul 19, 2011
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