Home ›› 05 Sep 2022 ›› Stock
Envoy Textiles Ltd, the world’s first LEED-certified platinum factory, has reconstituted its board following a court order.
The High Court on August 25 passed an order to reconstitute the board of Envoy Textiles Limited in response to a case filed by Abdus Salam Murshedy and his family members who are shareholders and directors in the company against the company and other directors, said Envoy Textiles in a regulatory filing on Sunday.
The case was lodged challenging some amendments in the Article of Association of the company, appointment of three additional board members, appointment of an Independent Director and a notice of the Nomination and Remuneration Committee Meeting, it said.
The new-look board consists of Justice (retd) Moyeenul Islam Chowdhury, Supreme Court Advocate Shafiqur Rahman, Fakhruddin Ahmed, Kutubuddin Ahmed, Abdus Salam Murshedy, Rashida Ahmed, Sharmin Salam, Tanvir Ahmed, and Barrister Shehrin Salam Oishee.
In the last six months, Kutubuddin Ahmed, Tanvir Ahmed and Envotech Aviation Limited (where Kutubuddin Ahmed and Tanvir Ahmed are the directors), acquired more stake in Envoy Textiles, according to the Dhaka Stock Exchange.
In May, the Asian Development Bank (ADB) decided to extend a loan of $11 million to Envoy Textiles Ltd to help the Bangladeshi textile miller purchase machinery for its second spinning unit.
In April, Envoy Textiles announced that it had decided to sign a know-how transfer and collaboration agreement with Jeanologia, a textile solutions company in Spain, to set up an eco-efficient lab facility on its factory premises for an initial cost of 270,000 euros for a 12-month period.
Its earnings per share (EPS) stood at Tk 0.75 in the Q3 of FY22, up from Tk 0.21 against the same period a year earlier. As of March 31, 2022, the company’s net asset value (NAV) per share stood at Tk 39.40 against Tk 37.79 as of June 30, 2021.
On Sunday, Envoy Textiles share fell 1.3 per cent to Tk 45 on the Dhaka Stock Exchange.
