An associate of the publicly listed company Saiham Textile Mills Limited, Faisal Spinning Mills Limited, has decided to buy 1.7 per cent shares or 15 lakh shares at Taka 3.34 crore.
Media reports maintained this adding this was according to recent disclosure made by Saiham Textile on the website of Dhaka Stock Exchange or DSE, as per which Faisal Spinning will, reportedly, buy 15 lakh shares at Taka 3.34 crore.
Reports further claimed despite the record export earnings in the apparel sector, Saiham Textile could not benefit from it in the July to December period of fiscal 2021-22 as its revenue fell by 7 per cent to Taka 107 crore even if Bangladesh recorded 28 per cent growth in the apparel sector.
However, its net profit jumped 118 per cent to Taka 6.35 crore in July-December due to a decrease in the company’s administrative and financial expenses even if the three of the Directors of Faisal Spinning are, reportedly, also the sponsor-directors of Saiham Textile.
