The board of directors of Legacy Footwear has taken a number of decisions including raising fund from the existing directors/sponsors and other than shareholders as per the requirements of the company.
In this regard, the company will hold an extraordinary general meeting (EGM) on April 7, 2018 at 12:00 noon on the premises of the factory in Gazipur. The record date for EGM is on March 15.
"The board has decided that the Unit-2 of the company will be opened to manufacture shoes for local market," said a disclosure posted on the Dhaka Stock Exchange (DSE) website on Sunday.
The board has also discussed thoroughly the expression of interest given by consortium of "Global Shoes Limited" and its associates, according to the disclosure.
"It was resolved in the board meeting that the company shall seek for a consortium investment from "Global Shoes Limited" and associates a sum of Tk 273 million for setting up Unit-2 and up-gradation of the current production unit," it said.
The directors/sponsors of the company have given their consent to invest Tk 117 million as their equity for the same.
"It was also resolved that Tk 280 million shall be allocated to set-up Unit-2 and remaining Tk 110 million shall be allocated to upgrade the current unit," the disclosure added.
All the above decisions shall be placed in the upcoming EGM to be held on March 25, 2018, according to the disclosure.
The company has reported earnings per share (EPS) of minus Tk 0.34 for October-December, 2017 as against Tk 0.02 for October-December, 2016.
In six months for July-December, 2017, EPS was minus Tk 0.23 for as against Tk 0.08 for July-December, 2016.
Each share of Legacy Footwear, which was listed on the Dhaka bourse in 2000, closed at Tk 65.20 on Sunday at DSE, gaining 0.93 per cent over the previous session.
The company disbursed 10 per cent stock dividend for the year ended on June 30, 2017.
The company's paid-up capital is Tk 113.74 million and authorised capital is Tk 200 million, while the total number of securities is 11.37 million.
The sponsor-directors own 30 per cent stake in the company, while institutional investors own 6.25 per cent, foreign 6.12 per cent and general public 57.63 per cent as on January 31, 2018, the DSE data shows.
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