Evince Textiles has decided to issue 0.79 million ordinary shares to shareholders of non-listed Evitex Fashions as part of a merger plan. The shares will be issued at a ratio of 1:1.80 with a face value of Tk 10 each, pending approval from the Bangladesh Securities and Exchange Commission. The merger aims to reduce management costs, corporate tax, and accounting hassles. Evince Textiles, established in 2003, produces woven fabrics for international brands and retailers. In Q1 of 2023, the company returned to profit, with other income contributing Tk 4.10 million. However, in the nine months through March 2023, Evince Textiles reported a consolidated loss of Tk 23.12 million, compared to a profit of Tk 67 million in the same period 2022. The company’s stock has remained at the floor price of Tk 9.40 for the past 1.5 months.
Evince Textiles to Issue 0.79 Million Shares in Merger Plan
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