Monno and Apex textile firms likely to restart operations

27 Jul '10

1 min read

The Securities and Exchange Commission has directed two publicly listed textile firms that had removed around 4,500 workers, to conduct extraordinary general meetings, early August.

Both these firms are likely to decide upon resuming operations in their firms, who had given dearth of gas supply, as the key reason, for them to lay-off their workers.

While Monno Fabrics, an export-related textile mill, situated at Gilondo in Manikganj district had laid off 2,500 labourers last year on October 22. They will conduct their EGM at the firm's main office in Dhamrai, Islampur on August 4.

Similarly, Apex Weaving Ltd, which resulted in to job loss for about 2,000 workers on April 12, last year, will conduct its EGM at its factory premises in Shafipur Gazipur on August 3.

But as per Ekramul Hoque, Company Secretary for Monno Group, no separate gas pipeline was as yet set up for supplying gas to Monno Fabrics, despite state-owned Titas Gas Transmission and Distribution Company Ltd assuring them of a separate pipeline.

Last year, Monno Fabrics was worth Tk 5 billion. Currently, its market value is Tk 1.035 billion, based on the closing price of each share at Tk 90 on the premier bourse.

Fibre2Fashion News Desk - India

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