Shasha Denims to acquire 40pc stake of EOS Textiles

Shasha Denims Limited (SDL) will acquire 40 per cent stake of EOS Textiles Mills Limited, said an official disclosure on Sunday.

The shares are valued at approximately Tk 480 million.

The Shasha Denims in the disclosure said out of Tk 480 million, Tk 300 million will come from IPO fund, as per approval by shareholders in the 20th annual general meeting (AGM).

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.

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 has also informed a memorandum of understanding (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 at Savar.

The Shasha Denims has reported consolidated earnings per share (EPS) of Tk 1.27 for October-December, 2017 as against Tk 1.44 for October-December, 2016.

In six months for July-December, 2017, consolidated EPS was Tk 2.41 as against Tk 2.48 for July-December, 2016.

Each share of Shasha Denim, which was listed on the Dhaka bourse in 2015, closed at Tk 53.90 Sunday on DSE, advancing 2.08 per cent over the previous session.

In 2017, the Shasha Denims disbursed 25 per cent cash and 6.0 per cent stock dividend.

The company's paid-up capital is Tk 1.19 billion and authorised capital is Tk 2.25 billion, while the total number of securities is 119.55 million.

The sponsor-directors own 46.52 per cent stake in the company, while institutional investors hold 14.23 per cent, foreign 4.28 per cent and general public 34.97 per cent as on January 31, 2018, the DSE data shows.

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