Arafa Holding will set up a new shirt-making company in which it will hold a 59 percent stake.
Arafa’s board of directors approved establishing the company, to be called Crystal for Shirts Manufacturing, but no further details were released.
In a note, Cairo-based investment bank Beltone Financial reported that Arafa’s management said that an Italian manufacturer will hold the remaining 41 percent in the new shirt-making company, without revealing the name of the partner.
The company had previously announced its intention to manufacture shirts, and “we believe it will utilize its new Upper Egypt plant in Beni Suef for manufacturing purposes,” Beltone said.
Arafa already manufactures suits, and a shirt line will |complement …add to Arafa’s overall product range,” Beltone added.
Shirts manufacturing will operate under the apparel and tailoring segment, which constituted 47.1 percent of total sales during the first half of 2010.
