Leading exporter Shasha Denims has acquired another 18 per cent stakes of an Italian company’s Bangladesh-based subsidiary, EOS Textile Mills, for Tk 21.79 crore, taking its ownership to 98 per cent. A disclosure in Dhaka Stock Exchange’s (DSE) website says Shasha also received two plots of 4,005.12 square metres at Dhaka Export Processing Zone Extension Area from Bangladesh Export Processing Zones Authority for future expansions. Shasha’s consolidated earnings per share was Tk 0.43 for July-December 2020 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 respectively. Its consolidated net asset value per share was Tk 41.17 as on December 31, 2020 and Tk 41.41 as on June 30, 2020, said the DSE. Managing Director Shams Mahmud said they had recently acquired the EOS, a subsidiary of Berto Industria Tessile of Italy, paying Tk 125 crore. The mill manufactures woven discontinuous fabric for the high-end international market and is one of the few factories in the world to make moleskin fabric, which is a very technical fabric, he said. Also it has an effluent treatment plant enabling the cleanest discharge in Bangladesh, he said. The EOS management wanted to focus on their European manufacturing plants and chose Shasha for the similarities they shared, said Mahmud in a WhatsApp message. 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. “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,” Mahmud also said. “Also worth mentioning is that Bangladesh Bank and all other agencies had played a very proactive role in ensuring this takeover was done in a successful manner. 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.
