Foremost denim exporter of Bangladesh Shasha Denims has attained 18 percent shares of EOS Textile Mills –, a Bangladeshi subsidiary of Berto Industria Tessile of Italy – for Tk 210.79 million, taking its 98% possession.
Shasha also acknowledged getting two plots of 4,005.12 square meters at Dhaka Export Processing Zone (DEPZ) Extension Area from Bangladesh Export Processing Zones Authority (BEPZA) for future expansions.
In July-December 2020, Shasha’s consolidated earnings per share was Tk 0.43 against Tk 1.02 for July-December 2019 while the consolidated net operating cash flow per share was Tk 0.52 and Tk 4.14 correspondingly.
Shasha Denims consolidated net asset value per share was Tk 41.17 as of December 31, 2020 and Tk 41.41 as on June 30, 2020.
Shams Mahmud, Managing Director, Shasha Denims said they had lately acquired the EOS, a subsidiary of Berto Industria Tessile of Italy, paying Tk 125 crore.
EOS Textile Mills manufactures woven discontinuous fabric for the high-end global market and is one of the rare factories in the world to make moleskin fabric, which is a very technical fabric, told Mahmud.
Also, it has an effluent treatment plant allowing the cleanest discharge in Bangladesh, Shams Mahmud added.
The EOS management wanted to emphasize on their European manufacturing plants and picked Shasha for the likenesses they shared, said Mahmud.
This includes visions in research and development, high-end fabric production, corporate social responsibility activities and most importantly goodwill in the international market for quality, he added.
Shams Mahmud further added, “Also the EOS is the largest Italian investment in Bangladesh and it is a matter of pride that a Bangladeshi company has acquired it which shows how far we have come.”
“Also worth mentioning is that Bangladesh Bank and all other agencies had played a very proactive role in ensuring this takeover was done successfully. Shasha Denims will be making further expansions in the coming days,” he said.
“With the acquisition, the Shasha offers a wider range of fabrics…we are also focusing on making high-end denim fabrics using the Italian knowhow and techniques, which will be good for the shareholders,” he said.