Casual ShoesBEpolymerMA
July 1st, 2011
KUALA LUMPUR, June 30 (Bernama) — China-based sports and casual shoes manucturer, Maxwell International Holdings Bhd, is eyeing the acquisition of a sportswear maker to expand its product offerings.
Casual ShoesBEpolymerMA, Its chairman and executive director, Jenny Li Kwai Chun said talks are still ongoing with the Hong Kong-based company but expects the acquisition to materialise before year-end.
The acquisition of the firm, which has its own brand name, will be financed internally and is expected to contribute substantially to the groups revenue, she said after the companys annual general meeting here, today.
We plan to identify merger and acquisition targets that are in synergy with the groups business model of being the contract manucturer for a host of global brand names of sports and casual shoes adidas shoes, she added.
Maxwell International Holdings is also looking at acquiring a manucturing plant in Henan but Li was unable to provide details pertaining to it.
The company produced 12 million pairs of sports shoes last year at its plant in Fujian, China.
The plant has four production lines and this year, the production is expected to increase to 13 million.
In another development, Li said the company has received shareholders approval to buy back 10 per cent of its shares from the open market.
We think the share price is currently undervalued. So we will buy back when the opportunity is there, she added.
Maxwell International Holdings closed unchanged at 48 sen on Bursa Malaysia today. Its initial offer price at the listing earlier this year was 54 sen.
— BERNAMA
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