Reports indicate that subsidiary of Hong Kong-based finished leather producer Kasen International Holdings Ltd., Zhejiang Kasen Industrial Co. Ltd., is to acquire a 4.92% stake in Haining Zhejiang Leather and Garment Market Investment and Development Co. Ltd. for 42.3 million yuan ($5.6 million).

Haining Leather, which is based in China, will offer Kasen a wider base from which it will be able to sell its leather products.

Kasen processes raw cowhides and wet blue hides and creates both finished leather and fully assembled leather goods such as furniture.

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