# Hayleys Fabric acquires 98.84% stake in South Asia Textiles

Hayleys Fabric Plc acquired a 98.84% equity stake in South Asia Textiles Limited for a consideration of Rs 3,953,361,887 (approximately $53 million). The acquisition supports Hayleys' strategic plan to expand capacity for higher value-added fabrics.

- Type: Acquisition
- Announced: 2021-04-28
- Where: Colombo, Sri Lanka, Sri Lanka
- Value: $53.0M (3.95B LKR)
- Status: completed
- Products: knit fabric, dyed and finished fabric
- Sectors: [Industrial Textiles](https://endata.com/sectors/industrial-textiles.md)

## Companies

- [Hayleys Fabric](https://endata.com/companies/54747.md) (acquirer)
- [South Asia Textiles](https://endata.com/companies/54748.md) (target)
- [Ambeon Holdings](https://endata.com/companies/54749.md) (partner)

## Sources

- [kohantextilejournal.com](https://kohantextilejournal.com/sri-lankas-hayleys-fabric-buys-98-84-stake-in-south-asia-textiles/), 2021-04-28: "The acquisition supports Hayleys Fabric Plc’s strategic plan to expand capacity for higher value-added fabrics for exports by aligning with world class tier-1 brands under its portfolio of customers."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.