Once completed, Chamandy will remain one of Gildan's largest investors, with more than six million shares or about five per cent of the company's equity.
Argiriou said the shares being sold were part of the original shares Chamandy owned when the maker of T-shirts, socks, underwear and the like went public in 1998.
"Since the company went public, the shares have gone up 60 times (in value) so definitely there is a profit in there," she said.
The selling prices will be disclosed in insider reports filed with regulators.
Under U.S. and Canadian securities laws, company insiders can sell shares over a predetermined period of time and subject to predetermined volume and price parameters.
The plan can only be established when the insider is not in possession of material non-public information.
The share plan was disclosed nearly two weeks after the company reported that its first-quarter profits grew 18.1 per cent to a record
Gildan said it expects strong profit growth into the 2015 fiscal year despite higher cotton costs and a continuing soft retail market. The company said it still expects adjusted earnings will increase by up to 15 per cent and sales will surpass
Once a plan is established, Chamandy will have no discretion over sales under the plan.
Gildan is a leading supplier of apparel, including T-shirts, fleece, sport shirts, socks and underwear. It sells products under the Gildan, Gold Toe and Anvil brands, and has licensing arrangements with Armour, Mossy Oak and New Balance brands. Its manufacturing facilities in
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