Bangas Ltd has launched a 4% cash dividend for its shareholders for the fiscal 2023-24, whereas Tallu Spinning Mill and Mithun Knitting occupy made up our minds no longer to pay any dividends.
The three companies belonging to the Bangas-Tallu Community disclosed their monetary results for the last fiscal yr the day prior to this, following choices made in their board meetings the day before.
Bangas
Per the inventory swap disclosure, Bangas’ earnings per fragment stood at Tk0.31, up from Tk0.29 within the outdated fiscal yr.
The producer of reasonably just a few biscuit brands reported a earnings after tax of Tk24 lakh, an lengthen from Tk22 lakh the outdated yr. Its get asset worth per fragment rose to Tk21.01, when put next to Tk20.96 within the prior fiscal yr.
Tallu Spinning Mill
Tallu Spinning Mill used to be unable to recommend any dividends for its shareholders for the fiscal 2023-24.
The firm reported a get loss of Tk23.41 crore, down from Tk25.91 crore within the outdated fiscal yr.
Its loss per fragment improved to Tk2.62, when put next to Tk2.90 the yr before. The get asset worth per fragment stood at Tk16.21 on the end of June 2024.
Mithun Knitting
Mithun Knitting also did no longer recommend any dividends for its shareholders for the fiscal 2023-24. The firm reported zero earnings per fragment and get working cash dawdle alongside with the drag per fragment attributable to the suspension of manufacturing facility operations since September 2019.
The Bangladesh Securities and Trade Commission (BSEC) has directed the new owner of Mithun Knitting and Dyeing Puny, now customarily known as ToyoKnitex (CEPZ) Puny, to renew operations interior three months and address any pending components following the transfer of possession.
In June this yr, Destination Categorical World (DEX-I) Puny, a China-based completely courier provider provider, acquired BSEC approval to steal over Mithun Knitting. This approval used to be granted to give protection to investor pursuits and resume enterprise operations, in step with BSEC sources.
Per the approval, 5,449,058 shares held by the unhurried Md Mozammel Haque, through his upright heirs and others, will most definitely be transferred to DEX-I in step with the fragment like agreement. The takeover process used to be delayed attributable to instability following the fall of Sheikh Hasina’s authorities.
DEX-I Puny is renowned for its courier products and companies interior China, namely for the garment industry, and has a strategic partnership with an worldwide-renowned logistics conglomerate.
Used BNP chief and member of Parliament Md Mozammel Haque based Bangas and served as its managing director until his passing in 2017. His three sons currently support on the firm’s board of directors.
A faded firm decent, speaking on situation of anonymity, acknowledged, “Bangas used to be doing smartly until 2007. Bangas had a comely market fragment for the time being. After the fall of the BNP authorities, Mozammel Haque used to be unable to tend to the firm.”
The decent added that no new investments had been made to ramp up production means. “Within the last 10 years, many knowledgeable staff occupy left the firm,” he renowned. The firm’s situation further declined after the death of Mozammel Haque, as it recorded losses for 2 consecutive years.
Mozammel Haque invested in each the bakery and textile sectors. He based Tallu Spinning Mill in 1985 and Mithun Knitting in 1991 on the Chattogram Export Processing Zone.
With these three companies, he established the Bangas-Tallu Community. Every textile companies are listed on the inventory market however are currently no longer in production. The manufacturing facility of Mithun Knitting has been confiscated by the Chattogram Financial Zone.
