Textiles takeover bid

Island Dyeing and Printing Co is facing a possible takeover from a third, independent party.

The textiles company announced it had been informed by major shareholders Itochu Corp, Itochu Hong Kong and Daido-Maruta Finishing Co, which own 45 per cent of the company, they were in talks to sell their combined stake.

Island Dyeing and Printing said no binding agreement had yet been reached.

Itochu Corp holds 27.48 per cent, Itochu Hong Kong 11.78 per cent and Daido-Maruta 5.75 per cent.

First Pacific Management Services, wholly owned by Hong Kong-listed First Pacific Co, holds 13.75 per cent while Nanyang Cotton Mill owns 2.5 per cent.

Island Dyeing and Printing shares traded at $8.45 before they were suspended on Friday morning.