Just weeks after being crowned overall victor and ‘International Textile Firm of the Year’ at the World Textile Awards in London, Textured Jersey Lanka PLC is on another mission to excel. The Company just announced their intent to acquire Ocean India (Pvt) Ltd, further to the disclosure made last February with regard to the initiation of independent valuations and due diligence studies with a view to acquiring a controlling stake in that company. Ocean India (Private) Limited, is a knit fabric manufacturing operation in Visakhapatnam, India (“Ocean India”).
The Board of Directors of Textured Jersey Lanka PLC (‘TJL’) has now decided to acquire, subject to obtaining the necessary corporate and regulatory approvals therefor, the entirety of the issued shares of Ocean Mauritius Limited, a company incorporated in Mauritius which is the parent company of Ocean India.
TJL who has maintained a strong balance sheet owing to sound business performance, would pay a total consideration of US $ 15 Million to the selling shareholders, Brandix Group, Jacob BAC Ltd, Compagnie Mauricenne de Textile Ltee and Pioneer Elastic Holdings Ltd. The consideration is to be paid in the form of 50% cash and the balance 50% by the issue of shares in TJL to the selling shareholders.