Evince Textiles, Argon Denims directors to transfer ownership to next generation
Three directors of listed textile companies Evince Textiles and Argon Denims have announced plans to transfer a portion of their ownership in the companies to the next generation.
According to separate disclosures published on the stock exchanges today (10 April), each director is set to transfer shares to their son or daughter as a gift outside the trading system by 30 April. The directors involved hold positions in both companies, which are under the same ownership.
At Evince Textiles, Managing Director Abu Kawser Majumder expressed his intention to transfer 36.75 lakh shares to his son Farhan Majumder, a general shareholder of the company. According to its annual report for 2023-24, Abu Kawser holds 1.52 crore shares, equivalent to 8.31% of the company.
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Shabnam Shehnaz Chowdhury, a sponsor director and vice-chairman of Evince Textile, will transfer 18.37 lakh shares to her daughter Sanjana Shehnaz Chowdhury, who is also a general shareholder. As of 30 June 2024, she owns 96.7 lakh shares.
Anwar-Ul Alam Chowdhury, a sponsor director and chairman of the company, will also transfer 18.37 lakh shares to his daughter Sanjana Shehnaz.
In FY24, Evince Textiles reported a 43% rise in turnover to Tk406.85 crore and a 661% increase in net profit to Tk10.74 crore. It paid a 2.5% cash dividend to its shareholders. However, in the first half of the current financial year, turnover fell by 17% to Tk170 crore, and the company recorded a loss of Tk4 crore.
Argon Denims
Anwar-Ul Alam, who is the managing director at Argon, will transfer 10.11 lakh shares to his daughter Sanjana, a placement shareholder at the company. He currently owns 81.80 lakh shares, as per the FY24 annual report.
Abu Kawser, a director at Argon, intends to transfer 27.31 lakh shares to his son Farhan, also a placement shareholder. As of June 2024, he holds 88.51 lakh shares.
Shabnam Shehnaz, a director and chairperson at Argon, will transfer 15.11 lakh shares to her daughter Sanjana. She currently holds 86.80 lakh shares.
Argon Denims posted a 24% growth in revenue in FY24, reaching Tk567 crore. Profit for the year rose to Tk10.47 crore.
In the first six months of the current financial year, the company's revenue grew to Tk291 crore and net profit increased to Tk14 crore, up from Tk274 crore and Tk5.96 crore, respectively, in the same period the previous year.
