The Libyan Arab Foreign Investment Company (Lafico) has acquired a further 26.3 percent stake in Italian textile company Olcese. Libya’s foreign investment agency already holds a 16 interest in Olcese SpA shares, purchased back in September 1999.
Overall, the Company of Yarn (COY) sold 31.16 million of Olcese’s shares, equivalent to 51.8 percent of the company, in a deal whose worth is estimated at $13.7 million. According to a COY release, the remaining shares were acquired by Societe Togolaise de Coton and Arreton Investment Ltd.
Olcese is Italy's leading maker of cotton yarn, producing spun yarn, woven and texturized fabrics. The Milan-based Olcese supplies cotton fabric to clothing makers Lacoste, Benetton Group SpA and Giorgio Armani SpA. — (menareport.com)
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