Hela Clothing to ship first consignment from Egypt shortly | Page 2 | Sunday Observer

Hela Clothing to ship first consignment from Egypt shortly

9 January, 2022
Dilanka Jinadasa
Dilanka Jinadasa

Hela Clothing, an end-to-end apparel supply chain solution provider with a strong presence in the African continent commenced operations in Egypt enabling access to some of the largest markets in Europe and the USA, according to a senior official of the company.

Wrapping up an investor forum ahead of the Initial Public Offering of Hela Apparel Holdings (the holding company of the Hela Clothing Group) Group CEO of Hela Apparel Holdings, Dilanka Jinadasa said the company had secured the import-export licence and would commence shipping    the first orders soon.

“We are excited about the operation in Egypt having secured a long-standing asset. We hope to expand our workforce from 1,400 to around 4,000 with the expansion of volume,” Jinadasa said.

Hela Apparel’s IPO marks the first public offering by a local apparel manufacturer with a strong global presence and the largest offer by value in recent years.

Hela Apparel Holdings has earmarked to offer 267,108,998 ordinary voting shares at a price of Rs. 15.00 per share through its IPO which is due to open on January 12. The offer which will be jointly managed by CT CSLA and CAL seeks to raise Rs. 4 billion in equity capital from the public through the sale of a 20.5 percent stake in the company which is expected to result in a market capitalisation of Rs. 19.5 billion.

The company with revenue generated exclusively in USD is anticipating a revenue of USD 270 million for the financial year ending March 31.

Through its global expansion initiatives the company has emerged a leader in Africa’s apparel revolution. The company provides manufacturing solutions to some of the world’s top brands such as Calvin Klein, Michael Kors and Karl Lagerfeld through its 11 manufacturing facilities in Sri Lanka, Kenya, Ethiopia and now in Egypt.

The company will use the funds to purchase a mill, develop IT, settle debt and modernise assets.

The company has no immediate plans for expansion in Sri Lanka but would focus on innovations and sought after products.

Revenue of the company picked up in the second half following a dip in the first of the financial year.

“We are excited about the next phase of our journey and proud to be able to share it with a wider group of stakeholders this time,” Jinadasa said.