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TEXTILE MAKER FORECASTS LOSS

Seardel would incur a headline loss of between 46c and 54c a share for the six months to December, South Africa’s biggest clothing and textile maker said in a trading statement on Friday.

This follows a headline loss of R1.11 in financial 2008. The group raised R300million in a rights offer last year on the insistence of its bankers, causing Seardel chairman and former chief executive Aaron Searll to relinquish his controlling stake to Hosken Consolidated Investments. The company’s share price was unchanged at R44.

Source: Business Report – Ingi Salgado