Shares of RN Spinning Mills topped the gainers’ itemizing on the Dhaka Inventory Commerce (DSE) yesterday after it introduced that It’d merge with its non-itemizinged sister concern As a Outcome of it appears to return to manufacturing.
The itemizinged spinning mills made a disclosure about its merger with Samin Meals & Beverage Ind. & Textile Mills Ltd by way of a submit on The internet website of the Dhaka Inventory Commerce (DSE) yesterday. Its shares closed 10 per cent greater at Tk 6.60.
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The agency’s manufacturing has been shut since 2019 when A hearth incident destroyed the manufacturing crops, inventories and completely different supporting amenities of the manufacturing unit, which is located On the Cumilla Export Processing Zone.
“The blaze devasaid the agency After which we Did not discover the insurance coverage compensation. So, the merger choice was taken as An factor of efforts To renew manufacturing,” said Raquibul Islam, agency secretary of RN Spinning Mills.
“Merger can enhance the agency’s power and capital base. We’d want to take approval from completely different regulatory authorities.”
RN Spinning Mills incurred A scarcity of Tk 607 crore in 2018-19 As a Outcome of Of hearth incident. The agency’s cumulative loss stands at Tk 446 crore, DSE knowledge conagencyed.
Following the merger, the manufacturing unit Shall be relocated to the premises of Samin Mills in Gazipur.