Malaysia's Prolexus Unit Incorporates Subsidiary In Vietnama

KUALA LUMPUR, April 16 (Bernama) -- Prolexus Bhd's unit, Trans Pacific Textile (HK) Ltd, has incorporated a wholly-owned subsidiary in Vietnam. In a filing to Bursa Malaysia, the Malaysian stock exchange, Friday, Prolexus said, the incorporation of the unit, Trans Pacific Textile (VN) Co Ltd, was in line with the company's expansion plan and would be principally involved in manufacturing of apparels. "The existing paid-up capital of Trans Pacific VN is US$3,000,000 and the incorporation was funded through internally-generated funds. "It is not expected to have any material effect on Prolexus group’s earnings, net assets, gearings, share capital and substantial shareholdings structure for the financial year ending July 31, 2016," it said. -- BERNAMA