Shares held by Envoy Textiles directors to increase

The number of shares held by Envoy Textiles Chairman Kutubuddin Ahmed and its Managing Director Abdus Salam is going to increase as a result of the amalgamation of its sponsor companies.

After the handover of the shares, the chairman's shares will increase from 2.19 percent to 7.04 percent and the managing director's shares will increase from 2.61 percent to 7.46 percent.

The Dhaka Stock Exchange (DSE) approved the transfer of these shares out of the trading system on Monday.

Dornik Apparels and Supreme Apparels jointly held 1.63 crore shares of Envoy Textiles Ltd. Of these, Kutubuddin and Salam will receive 81.39 lakh shares each.

Envoy Textile was established with the investment of Dornik Apparels and Supreme Apparels. 

"Recently, these two companies amalgamated into Epoch Garments, whose directors are Kutubuddin and Salam. So, all the shares previously held by these two companies will be handed over to Kutubuddin and Salam as per an order by the High Court," Envoy Textile Secretary M Syful Islam Chowdhury told The Business Standard.

Denim producer Envoy Textiles, an export-oriented environment friendly company, was listed in the share market in 2012. Its authorised capital is Tk400 crore and its paid-up capital is Tk167.73 crore.

Currently, the sponsor-directors hold 45.58 percent share, institutional investors have 41.97 percent share, foreign investors have 0.07 percent share and general investors have 12.38 percent share of the company.

Envoy has given 15 percent cash dividend to its shareholders for the financial year ended on June 30, 2019. The company's earnings per share in that period was Tk3.31.

In the first half of the current fiscal year (July-December) earnings per share of the company was Tk1.15.

Envoy Textiles share prices stood at Tk24.80 at the end of Tuesday in DSE.

The highest and lowest prices of the company's share in the last one year was Tk39.80 and Tk20.40 respectively.