Wise Star Textile Mills Ltd has issued a rejoinder against a report published in the November 29 issue of the Financial Express (FE) with the headline 'Ring Shine Textiles in troubled waters as takeover deal is likely to go nowhere'.
Issued by Managing Director of Wise Star Textile Mills Brigadier General AHM Mokbul Hossain (Retd), the rejoinder says: "The information published in your esteemed newspaper (FE) is incorrect in its true perspective, which is false and factitious and has not been verified or confirmed through Wise Star Textile Mills."
It further said: "Therefore, we strongly reject the mentioned information contained in your esteemed daily newspaper against Wise Star Textile Mills Ltd."
Our reply:
The report was published based on the available information on the Dhaka Stock Exchange's website.
Besides, the FE reporter concerned talked to the company secretary of Ring Shine Textiles, Auniruddho Piaal before writing the report.
Mr. Piaal categorically said there had been little progress in the transfer of Ring Shine shares to complete the takeover deal.
He also said Wise Star Textile Mills and Ring Shine Textiles were yet to come to a consensus for the share transfer.
The rejoinder had a letter attached, dated November 27, in which Wise Star Textile urged Ring Shine to complete transfer of more than 190 million shares by the end of December.
The letter, however, says nothing about meeting the conditions that the securities regulator imposed for the acquisition of Ring Shine.
We stand by the report.
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