• Friday, November 21, 2014

Share trading of Tung Hai Knitting begins Monday

Star Business Report

Share trading of Tung Hai Knitting and Dyeing will begin on the stock exchanges on Monday.

The textile company raised Tk 35 crore from the public by floating 3.5 crore ordinary shares of Tk 10 each.

It will be the 35th listed firm in the textile sector that accounts for around 4 percent of the premier bourse's total market capitalisation.

AFC Capital and Imperial Capital jointly managed the Tung Hai Knitting's initial public offering, the proceeds of which are being used for meeting working capital needs, purchasing machinery and repaying term loans of banks.

The company's earnings per share stood at Tk 1.15 and net asset value per share at Tk 13.73 in December 2012.

Tung Hai Knitting is a subsidiary of Tung Hai Group, a leading manufacturer and exporter of knitted sweaters and jerseys, according to the group's website. The group's annual turnover is around $50 million.

Bangladesh Securities and Exchange Commission approved the IPO on February 18, and the Dhaka Stock Exchange gave a go-ahead to the listing of the company on August 14.

Meanwhile, share prices of Far East Knitting and Dyeing Industries jumped 68 percent on its debut on the Dhaka bourse yesterday.

Each share of the company traded between Tk 48.5 and Tk 39 on the DSE before closing at Tk 45.4. A total of 86.54 lakh shares changed hands, generating a turnover of Tk 39.39 crore.

The export-oriented garment manufacturer raised Tk 67.5 crore from the public by floating 2.5 crore ordinary shares of Tk 10 each at an offer price of Tk 27 each, including Tk 17 as premium.

Far East Knitting supplies finished goods to some renowned apparel brands in the world including Wal-Mart, Primark, New Look and Bershka. Its major products are knitwear such as T-shirt, tank top and vest, and jacket.

Published: 12:00 am Friday, August 29, 2014

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