Pearl Global Industries Limited announces acquisition of Alpha Clothing Limited

Pearl Global Industries Limited, one of India's largest garment exporters has announced that its wholly owned subsidiary at Hong Kong namely, Pearl Global (HK) Limited has acquired 9,00,860 equity shares representing 52.11% equity capital of Bangladesh based, Alpha Clothing Limited for a consideration of USD 1.05 million on 21st April, 2022. This acquisition will be funded through internal accruals.

Alpha Clothing Limited (Alpha) commenced its operations in the year 2013 with a modest workforce of 150 people and 100 machines. With efficient production processes, it has currently grown to a workforce of 2,100 people, 1,000 sewing machines, and a capacity of 8 million pieces a year. Alpha was a part of the approved facilities for outsourcing.

Commenting on the above, Group Vice Chairman, Mr. Pulkit Seth said: "We are witnessing healthy traction in the global apparel market, and we believe that Alpha's acquisition will further drive growth for the company. This will allow us to expand our wallet share among our existing long-term clients while also delivering a distinct value proposition."

Commenting on the above, Mr. Pallab Banerjee, Managing Director, Pearl Global Industries Limited said: "Covid-19 has led to redistribution of global trade shares and recalibration of sourcing partners. China plus one has opened opportunity for garment players across the globe. With the acquisition of Alpha, production capacity of Pearl Group shall be increased by 8 million pcs. per year. Alpha, being Gold Leed Certified facility and approved by our majorstrategic buyers, will help us to further strengthen our manufacturing presence in Bangladesh market and fuel incremental growth through new customer acquisition and additional demand from existing customers."

Shares of Pearl Global Industries Limited was last trading in BSE at Rs. 464.05 as compared to the previous close of Rs. 457.45. The total number of shares traded during the day was 595 in over 184 trades.

The stock hit an intraday high of Rs. 473.50 and intraday low of 460.00. The net turnover during the day was Rs. 278319.00.

Source : Equity Bulls

Keywords

PearlGlobalIndustries INE940H01014 Acquisition PeralGlobalHK AlphaClothing