Maksons Spinning To Acquire 50% Stake In Sister Concern

Company Performance

Maksons Spinning To Acquire 50% Stake In Sister Concern

Maksons Spinning Mills Limited has decided to acquire 50% shares in its sister concern Maksons Textile Ltd. The decision was taken in a recent board meeting. The company will put forth 194.35 decimal land and make a fresh investment of Tk 2.75 crore for the 50% stake. The land is situated at Ashulia, Savar which is unutilised land of Maksons Spinning Mills. The paid-up capital of Maksons Textile Ltd is Tk 30 crore. The company is a 100% export-oriented spinning mill. The project is under implementation having 25,824 spindles with a production capacity of 27000 kg per day and 98.55 lakh kg per annum. The projected annual turnover of the project will be approximately Tk 250 crore. The board of directors of the company also recommended an 11% cash dividend for the year ended 30 June 2021. According to their financial report of 2021, the company's net profit was Tk 49.31 crore. During the period, the earnings per share stood at Tk 2.07 and net asset value per share at Tk 20.09. The company recommended a 2% cash dividend for the year ended June 30, 2020. Sponsors and directors jointly hold a 30% stake in the company, institutional investors hold 16.70%, and general investors 53.30%.