Maksons spinning to acquire 50% stake in sister concern
Maksons Spinning Mills Limited has decided to acquire 50% shares in its sister concern Maksons Textile Ltd.
The decision was taken in a board meeting held on Sunday.
The company will put forth 194.35 decimal land and make a fresh investment of Tk2.75 crore for the 50% stake.
Keep updated, follow The Business Standard's Google news channel
The land is situated at Ashulia, Savar which is unutilised land of Maksons Spinning Mills. The paid-up capital of Maksons Textile Ltd is Tk30 crore. The company is a 100% export-oriented spinning mill.
The project is under implementation having 25824 spindles with a production capacity of 27000kg per day and 98.55lakh kg per annum.
The projected annual turnover of the project will be approximately Tk250 crore.
The board of directors of the company also recommended an 11% cash dividend for the year ended 30 June 2021.
The company will have its annual general meeting (AGM) on 19 January 2022 to approve the declared dividend, an audited report, and other matters.
According to their financial report of 2021, the company's net profit was Tk49.31 crore. During the period, the earnings per share stood at Tk2.07 and net asset value per share at Tk20.09.
The company recommended a 2% cash dividend for the year ended June 30, 2020.
Sponsors and directors jointly hold a 30% stake in the company, institutional investors hold 16.70%, and general investors 53.30%.
The price of its share rose to Tk33.60 on Sunday, up from Tk32.90 the previous day.
The company was listed on the stock exchanges in 2009.
