Pacific Denims’ three directors to sell 15.50 lakh shares

Two sponsor directors, and one corporate director of the Pacific Denims Ltd — a concern of the Pacific Group – have expressed their intention to sell a small portion from their holding shares.

As per disclosure by the company on Thursday, Shafiqul Azam and Shadequl Alam, the sponsor directors, will sell 8.5 lakh and 5.4 lakh shares respectively, and the Corporate Director Disney Properties Ltd will sell 1.6 lakh shares.

The said shares will be sold in the public market through the Dhaka Stock Exchange (DSE) within the next 30 working days.

On Thursday, the last trading day of the week, the share price was Tk12.30 each. 

Now, Shafiul Azam holds around 2.63 crore shares and Shadequl Alam 1.53 crore, while Disney Properties holds 42.77 lakh shares.

Pacific Denims collected Tk75 crore through an initial public offering (IPO) from the capital market for business expansion, repayments of loans and bearing the cost of public offering.

The Pacific Denims, a readymade garments and denims fabric manufacturer and exporter, in the last 2020-21 fiscal year suffered a net profit decline by 55% due to the Covid-19 pandemic.

The company, and its shareholders have approved 1% cash and 1% stock dividend for the shareholders, whereas it offered 10% stock dividend in 2019-20 fiscal year.

Because of lower dividend than the previous year, the DSE has degraded the company to 'B', which came into effect since 20 December from the 'A' category.

In July-September period of the current fiscal year, its earnings per shares (EPS) declined by 47% to Tk0.10 from Tk0.19 in the same period of the previous fiscal year. 

The company said, its sales and net profit in the previous fiscal decreased due to the pandemic's impact on the overall business of the company.