Hearing held on Ring Shine’s IPO fund | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
June 15, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JUNE 15, 2025
Hearing held on Ring Shine’s IPO fund

Stocks

TBS Report
27 February, 2020, 07:45 pm
Last modified: 28 February, 2020, 05:59 pm

Related News

  • Ring Shine cancels declared dividend for FY20
  • Losses of Ring Shine Textiles pile up
  • Ring Shine lets go of expansion plan, uses IPO fund as working capital
  • Ring Shine tricks investors over shareholdings 
  • 44 investors got Ring Shine pre-IPO shares without paying anything

Hearing held on Ring Shine’s IPO fund

Ring Shine raised Tk150 crore after its IPO was launched on October 6, 2019

TBS Report
27 February, 2020, 07:45 pm
Last modified: 28 February, 2020, 05:59 pm
Hearing held on Ring Shine’s IPO fund

The securities regulator has held a hearing on the utilisation of Ring Shine Textiles Ltd's initial public offering (IPO) fund.

Secretary of Ring Shine Textiles Asraf Ali was present as a representative of the company during the hearing at the Bangladesh Securities and Exchange Commission (BSEC) office yesterday.

He told The Business Standard that, "Our company has repaid Tk22 crore loan to the Premier Bank instead of the Woori Bank. I attended the hearing on behalf of the company and explained the issue."

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Before issuing public shares, the textile firm announced that it would use Tk50 crore from its IPO fund to repay Tk28 crore loan taken from an offshore banking unit of the Dhaka Bank, and Tk22 crore to repay a loan taken from South Korea-based Woori Bank.

Ring Shine raised Tk150 crore after its IPO was launched on October 6, 2019. 

However, the company used the IPO fund money to pay off only Tk22 crore loan, taken from the Premier Bank, instead of repaying loans to the aforementioned banks.

The Dhaka branch of Woori Bank requested the Bangladesh Securities and Exchange Commission (BSEC) to intervene and ensure the recovery of its loan. The BSEC issued a letter for the hearing for this reason.

The company used Tk25.53 crore from its IPO fund until December 31, 2019.

Following the BSEC's request on January 27, the Bangladesh Bank froze the Ring Shine's IPO fund.

Along with paying off loans, the textile firm also wanted to use the IPO fund to import machinery worth Tk96.40 crore and spend around Tk3.60 crore on IPO-related expenses.

Meanwhile, Universe Knitting Garments Ltd, a placement holder of the Ring Shine, has expressed its intention to sell off 36.87 lakh Bonus shares out of its total holding of 2.83 crore shares.

Sung Wey Min is the chairman of Universe Knitting Garments Ltd and the managing director and sponsor of Ring Shine Textiles Ltd.

Economy / Top News

Ring Shine Textile Limited

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • People watch from a bridge as flames from an Israeli attack rise from Sharan Oil depot, following Israeli strikes on Iran, in Tehran, Iran, June 15, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Iran says it will stop 'self-defence response' if Israel halts attacks
  • Fire of Israeli attack on Sharan Oil depot is seen following the Israeli strikes on Iran, in Tehran, Iran, June 15, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Israel and Iran strike at each other as Trump says conflict can be easily ended
  • The moment before Abu Sayeed was shot during a clash between police and protesters in front of Begum Rokeya University in Rangpur on Tuesday, 16 July 2024. Screengrab from video
    ICT extends deadline for Abu Sayed murder probe by one month

MOST VIEWED

  • Tour operator Borsha Islam. Photo: Collected
    ‘Tour Expert’ admin Borsha Islam arrested over Bandarban tourist deaths
  • Fighter jet. Photo: AFP
    3 F-35 fighter jets downed, two Israeli pilots in custody, claims Iranian media
  • Infographic: TBS
    Chattogram Port proposes 70%-100% tariff hike
  • Vehicles were seen stuck on the Dhaka-Tangail-Jamuna Bridge highway due to a traffic jam stretching 15 kilometres on 14 June 2025. Photo: TBS
    15km traffic jam on Dhaka-Tangail-Jamuna Bridge highway as post-Eid rush continues
  • Ahsan H Mansur. TBS sketch
    BB governor meets global litigation funders to mobilise $100m for tracing stolen assets
  • Burnt out cars and damaged buildings are all that’s left of this street in Ramat Gan Credit: AP
    Iran threatens to strike US, UK, and French bases if they help defend Israel

Related News

  • Ring Shine cancels declared dividend for FY20
  • Losses of Ring Shine Textiles pile up
  • Ring Shine lets go of expansion plan, uses IPO fund as working capital
  • Ring Shine tricks investors over shareholdings 
  • 44 investors got Ring Shine pre-IPO shares without paying anything

Features

Photos: Collected

Kurtis that make a great office wear

1d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

3d | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

4d | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

6d | Features

More Videos from TBS

Iran-Israel conflict heats up at G7 summit

Iran-Israel conflict heats up at G7 summit

30m | TBS World
Is Regime Change in Iran Israel's Goal?

Is Regime Change in Iran Israel's Goal?

1h | TBS World
Ishraque seeks chief adviser's intervention for oath as Dhaka South mayor

Ishraque seeks chief adviser's intervention for oath as Dhaka South mayor

2h | TBS Today
Israel asked US to join military campaign against Iran, but US rejects request

Israel asked US to join military campaign against Iran, but US rejects request

3h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net