The Financial Express

Shasha gets BB nod to remit acquired money to EOS Textile

| Updated: August 25, 2019 10:42:33

Shasha gets BB nod to remit acquired money to EOS Textile

The Shasha Denims has received the Bangladesh Bank’s permission to remit EOS Textile Mills the acquired money amounting to Tk 1.11 billion, said an official disclosure on Thursday.

The central bank has also given approval to transfer shares and permission to repatriate sale proceeds of share transfer of EOS Textile in favour of its non-resident shareholders (transferor), according to the disclosure.

The Bangladesh Bank has approved and fixed the selling price of the shares of the company amounting to nearly Tk 1.11 billion.

Earlier in February, the Shasha Denims decided to acquire 80 per cent stake in EOS Textile Mills for US$ 12 million (about Tk 1014 million), reversing its earlier decision to acquire 40 per cent stake.

EOS Textiles Mills, a 100 per cent export-oriented textile company, was established by Italian investors at the Dhaka Export Processing Zone in Savar on June 8, 1998.

Shasha Denims, a sister concern of Shasha Group, one of the leading denim producers in Bangladesh, raised Tk 1.75 billion through IPO in 2014 for a major expansion and improve the quality of denim fabrics by installing modern machinery with the IPO funds.

The company floated 50 million ordinary shares at an offer price of Tk 35, including a premium of Tk 25, for each share valued at Tk 10.

On Wednesday, each share of Shasha Denim, listed on the Dhaka bourse in 2015, closed at Tk 41.80.

Its share traded between Tk 35.40 and Tk 80.90 in the past one year.

The company’s consolidated earnings per share (EPS) stood at Tk 1.63 for January-March 2019 as against Tk 1.16 for January-March 2018.

In nine months, its consolidated EPS was Tk 3.76 for July 2018-March 2019 as against Tk 3.41 for July 2017-March 2018.

The consolidated net operating cash flow per share (NOCFPS) was negative Tk 0.13 for July 2018-March 2019 as against Tk 2.11 for July 2017-March 2018.

The consolidated net asset value (NAV) per share was Tk 48.79 as on March 31, 2019 and Tk 44.15 as on March 31, 2018.

The company disbursed 15 per cent cash and 7.0 per cent stock dividends for the year ended on June 30, 2018.

The company’s paid-up capital is more than Tk 1.27 billion and authorised capital is Tk 2.25 billion, while the total number of securities is 127.92 million.

The sponsor-directors own 37.57 per cent stakes in the company while institutional investors 17.70 per cent, foreign investors 2.96 per cent and the general public 41.77 per cent as on July 31, 2019.

Shasha Denims began its journey as a family-owned company, with a vision to create a global standard in green and sustainable denim manufacturing industry.

Now it is one of the leading 100 per cent export-based denim manufacturers in Bangladesh.



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