Brandix, MAS announce change in ownership of connected joint ventures
Brandix Lanka Ltd and MAS Holdings (Pvt) Ltd., South Asia’s leading apparel solution providers, this week announced the finalisation of transactions concerning ownership of their joint venture concerns - Linea Clothing (Pvt) Ltd. and Textured Jersey Lanka (Pvt) Ltd.
Following an offer by Brandix to purchase the latter’s shareholding in Linea Clothing (Pvt) Ltd., MAS made a counter offer to purchase the shares held by Brandix in Linea. MASs Holdings’ investment in Textured Jersey Lanka (Pvt) Ltd., held through Linea was transferred to Brandix Lanka, the companies' said in a joint statement.
Ashroff Omar – CEO/Managing Director, Brandix and Mahesh Amalean – Chairman MAS Holdings said these changes in ownership were arrived at mutually in the best interests of the companies’ associates and customers. Following the transaction, Linea will be a fully owned subsidiary of MAS Holdings and Textured Jersey Ltd. will be jointly owned by Pacific Textiles Holdings Ltd (Hong Kong) and Brandix.