Sinha Fashions to sell 30 lakh LafargeHolcim shares
A subsidiary of the once-prominent apparel conglomerate Sinha-Medlar Group, Sinha Fashions owns 2.31 crore shares in the multinational company, according to its disclosure filed on the Dhaka Stock Exchange (DSE)
Sinha Fashions Ltd – a corporate sponsor of LafargeHolcim Bangladesh – has announced its intention to reduce its stake in the cement manufacturer by selling 30 lakh shares.
A subsidiary of the once-prominent apparel conglomerate Sinha-Medlar Group, Sinha Fashions owns 2.31 crore shares in the multinational company, according to its disclosure filed on the Dhaka Stock Exchange (DSE).
According to the announcement, the readymade garment exporter will sell the shares at the prevailing market price in the public or block market within 30 working days.
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On Sunday, LafargeHolcim shares increased by 0.42%, closing at Tk47.60. At this price, Sinha Fashions' total sale would amount to around Tk14.28 crore.
Earlier, Sinha Fashions sold 44.82 lakh shares of LafargeHolcim mainly to repay the bank loans to maintain a clean record with the Credit Information Bureau, company sources say.
Previously, in October 2022, the company transferred 54 lakh shares of LafargeHolcim Bangladesh to Midland Bank, according to the disclosure.
In April 2023, Sinha Fashions exited LafargeHolcim Bangladesh's board following the resignation of its nominated director Naheed Akhter Sinha, as per the DSE.
