Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Shasha Denims Limited (SDL) will acquire 40 per cent stake of EOS Textiles Mills Limited worth approximately Tk 480 million, said an official disclosure on Sunday.
The Shasha Denims said approximately Tk 480 million, of which Tk 300 million will come from IPO fund, as per approval by shareholders in the 20th annual general meeting, said a disclosure posted on the Dhaka bourse’s website on Sunday.
Shasha Denims, a sister concern of Shasha Group, one of the leading denim producers in Bangladesh, raised Tk 1.75 billion through initial public offering (IPO) in 2014 by floating 50 million ordinary shares.
The company said remaining Tk 180 million will come from company’s cash flow to acquire 40 per cent shares of EOS Textiles Mills, a 100 per cent export Oriented Textile company established on 8th June, 1998 by Italian Investors.
The company has also informed that in this regard “A MOU signing ceremony was held between Shasha Denims Ltd and EOS Textile Ltd at Westin Hotel at Gulshan in Dhaka on Saturday.
The EOS Textile Mills Limited is located at Plot # 1-6 & 17-22 DEPZ (Exten), Ganak Bari, Savar, Dhaka.
Each share of Shasha Denim, which was listed on the Dhaka bourse in 2015, closed at Tk 52.80 on Thursday last at the DSE.