Home ›› 14 Apr 2023 ›› Stock
Ring Shine Textiles, a publicly traded company, reported losses in the last two fiscals and stated that it will not pay any dividends for the fiscal years 2020–21 and 2021–22.
The company reviewed their financial reports for the past two years and said on the DSE website on Thursday, due to the economic downturn and impact of the global pandemic, there were insufficient orders which led it to brace for losses.
In such a situation, the company has decided to declare no dividends for its shareholders.
The company’s loss per share stood at Tk 1.54 for FY23 against a loss per share of Tk 1.75 for the year ended June 30, 2021.
In June 2021, the company declared to resume production after almost nine months of closure.
Earlier, on January 27, 2021, the regulatory body BSEC dissolved the company’s board of directors and tasked a new board to take necessary measures to restart the company.
In 2022, the Union Group of Companies Ltd expressed its interest in acquiring Ring Shine Textiles Ltd which was in processing right now.
Ring Shine Textiles raised Tk 150 crore from the market in 2019 to purchase machinery and to repay bank loans.
Listed on the Dhaka Stock Exchange in 2019, the company’s shares closed at Tk 9.80 per share on the Dhaka bourse on Thursday.
