Saiham Textile’s associate to buy 1.7% shares

Faisal Spinning Mills Limited - an associate company of the publicly listed Saiham Textile Mills Limited - announced to buy 1.65% shares of Saiham Textile at the prevailing market price in the block market of Dhaka Stock Exchange (DSE).

According to a recent disclosure by Saiham Textile on the DSE website, Faisal Spinning will buy 15 lakh shares at Tk3.34 crore. 

Three of the directors of Faisal Spinning are also the sponsor-directors of Saiham Textile. 

The last trading price of each share of Saiham Textile was Tk22.3 at the DSE on Thursday. Its share price reached a maximum of Tk26.9 and a minimum of Tk17 throughout the last year. 

Meanwhile, despite the record export earnings in the apparel sector, Saiham Textile could not benefit from it in the July to December period of fiscal 2021-22.

Its revenue fell by 7% to Tk107 crore, whereas the country recorded 28% growth in the apparel sector.

However, its net profit jumped 118% to Tk6.35 crore in July-December due to a decrease in the company's administrative and financial expenses, according to its financial statement.

The company paid a 10% cash dividend to shareholders for fiscal 2020-21.

At present, its paid-up capital is Tk90.56 crore. Sponsors and directors hold 33.7% shares of the company, whereas institutional investors have 19.84% and general investors 46.46% as of February, according to the DSE website.