Regent Textile set to acquire Legacy Fashion

The board of directors of Regent Textile Mills Ltd has decided that the company will acquire 99 per cent shares of Legacy Fashion Ltd at a value of 830.115 million taka at net asset value bases on the financial statement as on June 30, 2020.

The Dhaka Stock Exchange (DSE) has confirmed the information on its website Tuesday.

Legacy Fashion Ltd, a 100 per cent export-oriented and fully compliant RMG industry, was established in 2006. The factory is located at BSCIC Industrial Estate in Kalurghat of Chattogram.

Legacy Fashion Ltd has the nomination of prominent and branded buyers of the world and the yearly turnover is more than 3,000 million taka average (last three years).

Regent Textile said it will invest 800 million taka in RMG business that was approved by the shareholders of the company in the extraordinary general meeting (EGM) held on August 27, 2020, and rest of the amount from other sources.