Kanematsu sells stake in Textile Corporation to Li & Fung
07/03/2007
Japanese company Kanematsu Corporation is to sell its 55% share in its apparel and textile subsidiary company Kanematsu Textile Corporation (KTC), to the investment arm of Hong Kong-based Li & Fung.
KTC, which reported a consolidated turnover of over $450 million in 2006, will retain its name and Hiroshi Ishikawa will continue in his role as president. Dr Victor Fung will become chairman of its board of directors. The new ownership structure is expected to commence in April 2007.
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