Sinha Fashions to sell 26.27 lakh LafargeHolcim shares
According to its announcement on the Dhaka Stock Exchange (DSE) yesterday, the readymade garment exporter will sell these shares at the prevailing market price in the public or block market within 30 working days
Sinha Fashions Limited – a corporate sponsor of LafargeHolcim Bangladesh – has announced its intention to reduce its stake in the cement manufacturer by selling 26.27 lakh shares.
A subsidiary of the once-prominent apparel conglomerate Sinha-Medlar Group, Sinha Fashions owns 2.78 crore shares, equivalent to a 2.40% stake in the multinational company as of February 2025.
According to its announcement on the Dhaka Stock Exchange (DSE) today (19 March), the readymade garment exporter will sell these shares at the prevailing market price in the public or block market within 30 working days.
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Following the news, LafargeHolcim shares declined by 1.69%, closing at Tk46.60. At this price, Sinha Fashions' total sale would amount to around Tk12.24 crore.
In October last year, Sinha Fashions sold 11.05 lakh shares from its total holding of 2.89 crore shares in LafargeHolcim Bangladesh. Previously, in October 2022, the company transferred 54 lakh shares of LafargeHolcim Bangladesh to Midland Bank, according to the disclosure.
Additionally, Sinha Fashions sold 7.50 lakh shares of the cement company to repay a bank loan and maintain a clean record with the Credit Information Bureau.
In April 2023, Sinha Fashions exited LafargeHolcim Bangladesh's board following the resignation of its nominated director Naheed Akhter Sinha, as per the DSE.
2024 financials of LafargeHolcim Bangladesh
LafargeHolcim Bangladesh, a leading multinational cement manufacturer, has announced a 38% cash dividend for 2024, amounting to approximately Tk441 crore, despite a 36% decline in net profit.
On 12 March, its board recommended a 19% cash dividend as the final payout for the year, in addition to the 19% interim cash dividend. The interim dividend has already been distributed based on the financial results for the first nine months, while the final dividend will be paid after shareholder approval at the annual general meeting.
However, the total dividend for 2024 is 24% lower than the previous year, when the company posted record profits.
In its statement, LafargeHolcim attributed the challenging year to the recent political transition and a difficult macroeconomic environment.
The Europe-based cement producer reported a 3% decline in revenue, which stood at Tk2,754.30 crore, while net profit fell 36% year-on-year to Tk381.90 crore.
In a press statement, Iqbal Chowdhury, chief executive officer of LafargeHolcim Bangladesh, said despite an eventful year in 2024, the company successfully navigated the challenges.
"We have made significant progress in expanding our innovative and unique sales channels, including direct-to-retail and net retail outlets," he added.
The CEO said special products now contribute 8% to total revenue, while the aggregates business recorded a 25% growth in operating profit.
Additionally, through its global platform, Geocycle, the company co-processed over 45,000 tons of diverse waste streams, replacing more than 10% of fossil fuels and advancing its green growth agenda, he added.
