Al-Haj Textile to reopen factory after two years
The company decided to shut down the factory on 26 June 2019 following its failure to sell products
The restructured board of Al-Haj Textile has decided to open its factory which was closed for the past two years.
According to the information provided by the company, the factory will resume operation from 15 June this year.
After the information revealed on the Dhaka Stock Exchange's website, the textile manufacturer's share price jumped by 9.89% to Tk40 each on Tuesday.
On 26 June 2019, the company decided to shut down the factory following its failure to sell products.
After that, they kept falling into the losing pit for the last two years and abstained from paying any dividend to the shareholders.
Meanwhile, the board of the company did not comply with the minimum shareholding of 30%, which was set by the securities regulator.
In order to protect the investors' interest, the Bangladesh Securities and Exchange Commission had decided to restructure the company's board and appointed three independent directors on 20 January this year.
On 31 January, the new board decided to pay a 1% cash dividend to the shareholders for the first half of the running fiscal.
At the end of the first three-quarters of the fiscal, its earnings per share stood at Tk0.38, which was at Tk0.76 loss in the same period of the previous year.
