Hayleys Fabric enters into agreement to purchase South Asia Textiles

By Hiran H. Senewiratne

Leading  CSE-listed fabric manufacturing company, Hayleys Fabric Ltd.  has entered  into an agreement with Ambeon Holdings to purchase its knit fabric manufacturing company, South Asia  Textile Ltd, CSE  sources  said.

This  deal will enhance Hayleys Fabric’s global  presence in the fabric sector in a significant  manner, CSE  analysts said. CSE  activities, however, showed a downward trend yesterday due to panic selling by investors over probable country-wide travel restrictions over  the coming  long weekend.

Consequently, the ASPI went down by 89.60 points  and S and P SL 20 declined by 51.11 points. Turnover stood at Rs. 2.36 billion with two crossings. Those crossing were reported in HNB,  which  crossed 348000 shares, a share trading at Rs. 130, and Windforce 1.5 million shares crossed for Rs. 27million.

In the retail market, companies that contributed to the turnover were Royal Ceramics  Rs. 331.3 million (9.73 million shares  traded),Browns investments Rs. 222.9 million (36.05 million shares traded),Sampath Bank Rs. 119.5 million (3.8 million shares traded),HNB Rs. 172.8 million (1.3 million shares traded)and Dipped Products Rs. 170.9 million (3.1 million shares traded).