Envoy Textiles Limited – a 100 per cent export-oriented denim manufacturing company – has informed about the purchasing and installation of spinning machinery and associated equipment for the second spinning unit (blended yarn project) of the company.
For the purchase, the company board consented to accept an offer of a long-term loan of USD 11 million from Asian Development Bank (ADB), it said in a filing with the Dhaka stock exchange (DSE) on Monday.
"The loan tenure up to 7 years, including a grace period of 1.5 years. The loan will be repaid in equal semi-annual installments starting from the 1.5 years anniversary of the closing date of the facility. ADB will disburse the said loan subject to fulfillment of the conditions of the due diligence agreement and the approval of Bangladesh Investment and development authority (BIDA)," it added.
In the first two hours into the trade on Monday, Envoy Textiles shares price Tk 45. The price moved between Tk 22.50 and Tk 55.20 throughout the last year.
