Winsome Yarns to Invest in Manufacturing Facilities in Italy

Winsome Yarns Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2006, inter alia, has decided:

1. To invest in a yarn manufacturing and dyeing Company in Italy. The total cost of the project is Euro 20.00 million approximately, the financial participation of which will be shared between the Company and other industrial & financial investors. The Company will be required to invest to the extent of Euro 5.00 million approximately.

2. To incorporate a Wholly Owned Subsidiary in Cyprus.

Source : Equity Bulls

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