MAS Holdings launched a new venture by acquiring the assets of BAM Knitting (Pvt) Ltd., a leading fabric manufacturing and finishing operation in Sri Lanka. MAS Holdings takes the majority stake in the new venture, with BAM Knitting as its joint venture partner. This investment further enhances MAS’ capabilities in the knitting, dyeing, and printing space for cotton fabrics and expands its backward vertical integration on the island.
The new joint venture will benefit from the technical resources and expertise of MAS, following the appointment of MAS specialists to key roles in the company, as well as MAS’ vast global experience in apparel and textile manufacturing. Significant synergies are expected from the acquisition, including production capacity enhancements and collaborations on new product developments.
“This acquisition is timely, both from the perspective of MAS and the Sri Lankan economy,” said Suren Fernando, CEO of MAS Holdings. “It enables MAS to increase the verticality of our Sri Lankan operations and mitigates the increasing volatility of global supply chains and costs of logistics while increasing the overall value added by MAS. It also highlights our continued confidence in Sri Lanka as a sustainable and competitive destination for apparel manufacturing, despite the ongoing economic challenges.”
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