Hayleys Fabric PLC (COSE:MGT.N0000) entered into an agreement to acquire 98.8% stake in South Asia Textiles Limited from Ambeon Holdings PLC (COSE:GREG.N0000) and others for INR 4 billion on April 22, 2021. Under the transaction, Hayleys Fabric PLC will be acquiring 97.68% stake from Ambeon Holdings PLC and remaining 1.16% stake from minority shareholders. As on December 31, 2020 South Asia Textiles Limited reported revenue of INR 9.1 billion, profit after tax INR 23.2 million.

Hayleys Fabric PLC (COSE:MGT.N0000) completed the acquisition of 98.8% stake in South Asia Textiles Limited from Ambeon Holdings PLC (COSE:GREG.N0000) and others on April 22, 2021. The net cash acquired of South Asia Textiles was $279,121 (INR 21.6 million). Transaction was funded through long term debt. The Board of the newly acquired subsidiary South Asia Textiles Limited comprises 6 Directors who are all executive Directors who also sit on the Board of Hayleys Fabric PLC . Eranga Rohan Peiris Goonetilleke, Managing Director of Hayleys will also serve same role for South Asia Textiles Limited. R. ROHITHA BANDARA , M. H. JAYASINGH and K. P. C. P. K. PATHIRANA was appointed to the Board of South Asia Textiles Limited. Hayleys Fabric PLC Board approved the acquisition of South Asia Textiles Limited in special Board meeting.