Sri Lanka's Ceylon Leather Products, a company with a proud history of 74 years in processing and manufacturing of leather and leather products. The company plans investment of Rs.306.4 million in South Asia Textile Industries Pvt Ltd, a fabric maker.
Ceylon Leather Products will buy 3.06 million shares in rights issues raising its stake to 80 percent, the firm said in a stock exchange filing.
South Asia Textile Industries Lanka (pvt) Ltd., was set by a Singapore based company commenced operations in 2004, is an ultra modern manufacturing plant producing exceptional quality weft knitted fabric and specializes in knitting, dyeing, finishing, printing, brushing, sueding and anti pill micro / polar fleece fabric.
LCI Group Company (Lanka Century Investments PLC), their plant is based 40KM from the capital city Colombo. Their strategic location in Sri Lanka gives them an edge over distribution as they are situated in close proximity to a plethora of garment manufacturing units and export processing zones that produce high quality garments to the leading global brands thus assuring their strong profile of local vendors and international buyers of a competitive and reliable local sources with faster lead times for knitted fabric.
Lanka Century Investments would be investing another Rs.48.07 million to purchase 480.7 million shares.
With the greater flexibility, capability and 700,000KG per month capability on offer the plant is able to cater to a wide variety of orders, be it dyed fabric, printed fabric, brushed /suede fabric of yarn dyed fabric targeting the export industries
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