Brandix and MAS announce change in ownership of joint ventures - Linea Clothing and Textured Jersey Lanka

Brandix Lanka Ltd. (Brandix Lanka) and MAS Holdings (Pvt) Ltd., South Asia’s leading apparel solution providers have announced the conclusion of transactions concerning ownership of their joint venture concerns - Linea Clothing (Pvt) Ltd. and Textured Jersey Lanka (Pvt) Ltd.

Following an offer by Brandix Lanka, to purchase the latter’s shareholding in Linea Clothing (Pvt) Ltd., MAS Holdings made a counter offer to purchase the shares held by Brandix Lanka in Linea Clothing (Pvt) Ltd. MAS Holdings’ investment in Textured Jersey Lanka (Pvt) Ltd., held through Linea Clothing (Pvt) Ltd. was transferred to Brandix Lanka.

Mr. Ashroff Omar – CEO/Managing Director, Brandix Lanka and Deshamanya Mahesh Amalean – Chairman MAS Holdings said these changes in ownership were arrived at mutually in the best interests of the companies’ associates and customers.

Following the transaction, Linea Clothing (Pvt) Ltd. will be a fully owned subsidiary of MAS Holdings (Pvt) Ltd. and Textured Jersey Lanka (Pvt) Ltd. will be jointly owned by Pacific Textiles Holdings Limited (Hong Kong) and Brandix Lanka Ltd.

Brandix Lanka and MAS Holdings, will continue to work together to strengthen the industry in the country and position Sri Lanka as an attractive destination offering solutions to leading clothing brands.

Joint News Release issued by Brandix Lanka Ltd. and MAS Holdings (Pvt) Ltd. For release on September 11, 2007

September 11, 2007