Regent Textile Mills to buy 99% shares of Legacy Fashion

22 Oct '20

1 min read

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Regent Textile Mills in Bangladesh 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 June 30. The board of directors of the former took the decision, according to a disclosure posted on the website of Dhaka Stock Exchange (DSE).

Legacy Fashion, a cent per cent export-oriented readymade garments (RMG) company, was established in 2006.

The factory located at BSCIC Industrial Estate, Kalurghat, Chattogram, has the presence of prominent and branded buyers of the world and the yearly turnover is more than Tk 3.0 billion average (last three years), bangla media reports cited the disclosure as saying.

Regent Textile Mills has also informed that it will invest Tk 800 million in the RMG business that was approved by the shareholders of the company at the extraordinary general meeting on August 27. The rest of the amount will be arranged from other sources.

Regent Textile Mills’ sponsor-directors hold 54.55 per cent shares, institutions hold 7.51 per cent and general investors 37.94 per cent.

Fibre2Fashion News Desk (DS)

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