Regent Textile to acquire 99pc shares of Legacy Fashion
FE Report | Wednesday, 21 October 2020
Regent Textile Mills, a listed company, will acquire 99 per cent shares of Legacy Fashion at a value of Tk 830.115 million based on net asset value reported in the financial statement for the year ended on 30th June, 2020.
The board of directors of Regent Textile Mills has taken the decision of acquiring 99 per cent shares of Legacy Fashion, according to a disclosure posted on the website of Dhaka Stock Exchange (DSE).
The disclosure said Legacy Fashion, a 100 per cent export oriented and fully compliant RMG company, was established in 2006.
The factory located at BSCIC Industrial Estate, Kalurghat, Chattogram, has presence of prominent and branded buyers of the world and the yearly turnover is more than Tk 3.0 billion average (last three years)," the disclosure said.
Regent Textile Mills has also informed that they will invest Tk 800.00 million in RMG business that was approved by the shareholders of the company in the EGM held on 27th August, 2020 and rest of the amount from other sources.
Regent Textile Mills, presently a 'B' category company, was listed on the stock exchanges in 2015.
The company's sponsor-directors hold 54.55 per cent shares, institutions 7.51 per cent and general investors 37.94 per cent.
The company's share price closed at Tk 10.60 on Tuesday with a rise of 1.92 per cent or Tk 0.20.