Brandix undecided about listing itself

Tuesday, 28 June 2011 01:05 - - {{hitsCtrl.values.hits}}

Export apparel giant Brandix Ltd., yesterday said it was undecided about a possible listing on the Colombo bourse though various options are being explored.

“Our partner Pacific Textiles has been listed since 2007 and we have watched them grow. We want to learn from them,” Brandix CEO Ashroff Omar told journalists yesterday. Responding to a question he remarked that it was up to each company to decide how they would expand and listing could not be recommended across the board.

“Each company has to see how they will tap into their potential. As for Brandix we are considering different options and we’ll see how things go.”

Textured Jersey which is seeking a listing with a Rs. 1.2 billion IPO is the second Brandix-linked entity to join the CSE. Kuruwita Textile Mills, in which Brandix has 77.7% stake became a listed entity in 1992. Post-IPO, Brandix will have 30.08% stake in Textured Jersey, down from 34.4% previously.

The other apparel major MAS Holdings which is also family founded business has remain unexposed to the Colombo Bourse. However MAS has a 6.2% stake in Hayleys MGT which was the last textile industry firm to list on the Bourse in 2003.