Possible RTO for Asia Brands
Shalini Kumar | 02 Mar 2018 00:30
In an effort to streamline operations and reduce losses, Asia Brands closed some outlets under its babywear and innerwear divisions

Apparel manufacturer Asia Brands Bhd is likely to see better times following the entry of a new major shareholder. In December last year, Asia Brands entered into a conditional share subscription agreement with Trackland Sdn Bhd.

Asia Brands proposes to issue and allot 31.99% of its share capital to raise RM27.57 mil cash to repay bank borrowings.

Upon completion of the proposed exercise, Trackland will emerge as a new major shareholder of Asia Brands. It also intends to appoint a representative to the board.