New investor for HTL Holdings

HTL International Holdings Ltd, leather tannery operators and furniture makers, have said they are in discussions with a potential investor to issue S$20 million ($11 million) of new shares. 'The terms of the agreement are subject to further negotiations and the company have not entered into any definitive agreement with the potential investor at this point in time', said an HTL company spokesman. A possible sale of a stake in the company comes as HTL expand their operations in China to meet demand for their sofa upholstery and leather products. The company said earlier this year they will invest S$24.2 million in China, of which S$19.4 million will be used to set up a new factory, and S$4.8 million to expand the production capacity of an existing plant there.