ECONOMYNEXT – Sri Lanka’s Hela Apparel Holdings Plc said it would buy 99,000 shares for one dollar each in a Mauritius incorporated company called Hela Brands Limited.
This is subject to the approval of the Department of Foreign Exchange of the Central Bank of Sri Lanka.
After the investment Hela Apparel will directly hold 99.9 percent in Hela Brands Limited, the firm said in a stock exchange filing.
The remaining 0.01 shareholding would be held Hela Clothing (Private) Limited, a subsidiary company.
Hela, an apparel manufacturer, has factories across Africa and design facilities in Europe.
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A Hela Apparel Holdings Plc share was trading up at 6.20. (Colombo/March28/2024)