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Taiwan’s Quang Viet expands textile footprint in Vietnam, Middle East

Taiwan-based garment manufacturer Quang Viet Enterprise, has shown interest in Vietnam’s swimwear makers King Hamm Industrial, for purchasing stock valued at $11.4 million by participating in a rights issue. The purchase is expected to give Quang a 42 per cent stake in one of Vietnam’s biggest swimming and functional wear supplier.

King Hamm, manufactures and supplies high-end swimwear as well as functional wear for the export market that is targeted at large international brands such as North Face and Under Armour. Quang’s down jackets are purchased by high-end brands like Nike, Adidas and North Face among others. Quang Viet showed an interest in buying 13.65 million new shares that were issued by King Hamm to the Taiwan Stock Exchange. The shares were issued at the rate of New Taiwan dollar 24.5 per piece.

Recently, Quang showed an interest in expanding its base in the Middle East. It was looking to acquire 60 per cent stake in Atlanta Garment Manufacturing Company, based in Jordan at$ 2.7 million, as Quang anticipates sales growth of 15 per cent Y-o-Y next season. The total gain to accrue from both these acquisitions in the next calendar year is expected to range between $52 million to $57 million.

 
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