Toys And Textiles Acquire A Chinese Company

The media had reports on February 10, 2007 that Hanung Toys and Textiles Limited may acquire a chinese company.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Hanung Toys and Textiles Limited has vide its letter inter-alia stated, "In this connection we submit that in order to expand the soft toys capacity, the Company finds the skilled labour as the major constraint, the Management is therefore contemplating of acquisition of a soft toys company in China, where the industry has been existing and growing at a rapid pace. However, nothing concrete has been worked out so far on this and things are at initial stages. Once the acquisition plans take some shape and any concrete steps are taken towards this direction, the same would be initiated to the Stock Exchanges." -- www.nseindia.com