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July 22, 2014 (LBO) - Sri Lanka's Ceylon Leather Products said it was investing 306.4 million rupees in South Asia Textile Industries Pvt Ltd, a fabric maker.
It will buy 3.06 million shares in a rights issues raising its stake to 80 percent, the firm said in a stock exchange filing.
Ceylon Leather Products' parent, Lanka Century Investments will invest another 48.07 million rupees purchasing 480.7 million shares.
According to South Asia Textile Industries' website the firm was set by a Singapore based company 10 years ago, on the premises where Pugoda Textiles, a defunct state-run firm was located.
It now makes weft-knitted fabric, and provides finishing, dyeing, washing services targeting the export industries.
It will buy 3.06 million shares in a rights issues raising its stake to 80 percent, the firm said in a stock exchange filing.
Ceylon Leather Products' parent, Lanka Century Investments will invest another 48.07 million rupees purchasing 480.7 million shares.
According to South Asia Textile Industries' website the firm was set by a Singapore based company 10 years ago, on the premises where Pugoda Textiles, a defunct state-run firm was located.
It now makes weft-knitted fabric, and provides finishing, dyeing, washing services targeting the export industries.