Bizdata Insights Main Logo

BizData Insights

Ring Shine Expresses Doubts Over Share Acquisition

Industry: RMG & Textile, Textile
Company: Ring Shine Textiles (RSTL), Wise Star Textile Mills Ltd
Company Intelligence Tag: Business Insights

The board of directors of Ring Shine Textiles Ltd. has expressed doubts about the legitimacy of six businesses that plan to buy a combined 38% share in the business. The sale of shares was initially approved by the Bangladesh Securities and Exchange Commission. To avoid the burden of any potential issues upon the takeover, the board of Ring Shine Textiles has conveyed its concerns to the BSEC.

Wise Star Textile Mills Ltd. will hold 2% of the total shares, while the other five corporations will own the remaining 36%. 50% of Wise Star Textile’s shares belong to the company’s chairman, and the other 50% belong to the company’s current managing director.

Ring Shine, which raised Tk150 crore through a fixed-price IPO in 2019, faced challenges, including the sudden departures of Taiwanese sponsor-directors in January 2020, prompting BSEC to freeze its IPO fund account. Production halted in September 2020 due to COVID-19, driven by working capital shortfalls, declining orders, and raw material shortages.

Source for more details:

Related News

BTCL Fails to Recover Tk 316 Crore in Dues

July 18, 2024

Bangladesh Telecommunications Company Limited (BTCL) has been unable to collect Tk 316 crore in dues from various companies, including Tk 79.64 crore from Teletalk, Tk 50 crore from Bangladesh Cable Shilpa, Tk 12.81 crore from government entities, and Tk 174 crore from defunct companies, falsely reporting it as "current asset" in its financial statements.

Startup Bangladesh Turns Down Tk5 Crore Funding for 10 Minute School

July 18, 2024

An investment of Tk 5 crore for Bangladesh's largest ed-tech platform, 10 Minute School, was turned down by Startup Bangladesh, a government investment fund. Agreements on confidentiality prevent us from mentioning the reason for rejection. Ayman Sadiq, the CEO of 10 Minute School, has openly backed the quota reform demonstrations, which are aligned with this choice.

ACC Files Case Against Officials and Sadeeq Agro for Brahman Cattle Issues

July 18, 2024

The Anti-Corruption Commission (ACC) filed a legal action against six government officials and Md Imran Hossain, the owner of Sadeeq Agro, for corruption and violations regarding the sale and import of cattle of the Brahman breed, which are banned in Bangladesh. There they have 2 parties who have committed violations. 

Grameenphone Reports 6% Sales Increase

July 18, 2024

The largest mobile operator in Bangladesh, Grameenphone, claimed an increase of 6% in sales to Tk 4,223 crore in Q2 2024, despite a 28 percent decrease in profit to Tk 861 crore. The main reason of the fall in profit was higher tax charges, which overcame lower financing costs and revenue increase.

LafargeHolcim Bangladesh’s Profit Falls by 33%

July 18, 2024

LafargeHolcim Bangladesh Limited (LHBL) reported a 33% decline in profit for the first half of 2024, with profits falling to Tk 243 crore from Tk 361.5 crore in the same period last year. The company attributed this decline to a 5% reduction in net sales revenue, which decreased to Tk 1,442 crore due to macroeconomic challenges and industry de-growth. Operating earnings before interest and taxes dropped 25% to Tk 346.6 crore, impacted by increased costs and the sharp devaluation of the local currency against the US dollar. The company's CEO emphasized ongoing efforts in sales channel expansion, performance improvement, digitalization, and waste management through 'Geocycle.'

Robi Axiata Faces Tk 365 Crore Tax Evasion Allegations

July 18, 2024

The Comptroller and Auditor General (CAG) of Bangladesh discovered that Robi Axiata Limited underpaid Tk365 crore in taxes for 2019 by reporting lower income through unallowable deductions. This discrepancy was found during the audit of the National Board of Revenue's (NBR) large taxpayer unit for the 2020-21 tax year.

Related News

BTCL Fails to Recover Tk 316 Crore in Dues

July 18, 2024

Bangladesh Telecommunications Company Limited (BTCL) has been unable to collect Tk 316 crore in dues from various companies, including Tk 79.64 crore from Teletalk, Tk 50 crore from Bangladesh Cable Shilpa, Tk 12.81 crore from government entities, and Tk 174 crore from defunct companies, falsely reporting it as "current asset" in its financial statements.

Startup Bangladesh Turns Down Tk5 Crore Funding for 10 Minute School

July 18, 2024

An investment of Tk 5 crore for Bangladesh's largest ed-tech platform, 10 Minute School, was turned down by Startup Bangladesh, a government investment fund. Agreements on confidentiality prevent us from mentioning the reason for rejection. Ayman Sadiq, the CEO of 10 Minute School, has openly backed the quota reform demonstrations, which are aligned with this choice.

ACC Files Case Against Officials and Sadeeq Agro for Brahman Cattle Issues

July 18, 2024

The Anti-Corruption Commission (ACC) filed a legal action against six government officials and Md Imran Hossain, the owner of Sadeeq Agro, for corruption and violations regarding the sale and import of cattle of the Brahman breed, which are banned in Bangladesh. There they have 2 parties who have committed violations. 

Grameenphone Reports 6% Sales Increase

July 18, 2024

The largest mobile operator in Bangladesh, Grameenphone, claimed an increase of 6% in sales to Tk 4,223 crore in Q2 2024, despite a 28 percent decrease in profit to Tk 861 crore. The main reason of the fall in profit was higher tax charges, which overcame lower financing costs and revenue increase.

LafargeHolcim Bangladesh’s Profit Falls by 33%

July 18, 2024

LafargeHolcim Bangladesh Limited (LHBL) reported a 33% decline in profit for the first half of 2024, with profits falling to Tk 243 crore from Tk 361.5 crore in the same period last year. The company attributed this decline to a 5% reduction in net sales revenue, which decreased to Tk 1,442 crore due to macroeconomic challenges and industry de-growth. Operating earnings before interest and taxes dropped 25% to Tk 346.6 crore, impacted by increased costs and the sharp devaluation of the local currency against the US dollar. The company's CEO emphasized ongoing efforts in sales channel expansion, performance improvement, digitalization, and waste management through 'Geocycle.'

Robi Axiata Faces Tk 365 Crore Tax Evasion Allegations

July 18, 2024

The Comptroller and Auditor General (CAG) of Bangladesh discovered that Robi Axiata Limited underpaid Tk365 crore in taxes for 2019 by reporting lower income through unallowable deductions. This discrepancy was found during the audit of the National Board of Revenue's (NBR) large taxpayer unit for the 2020-21 tax year.

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here