Ring Shine Textiles Limited, a publicly traded company, has decided to close down its factory for one month till October 25 due to declining orders from foreign buyers.
According to an official disclosure, posted on the Dhaka Stock Exchange (DSE) website on Sunday, it said due to worldwide impact of the prevailing Covid-19 pandemic, declining orders from foreign buyers, and shortage of imported raw materials, the company decided to close down the factory.
The factory will be reopened as usual from October 26, 2020, according to the disclosure.
Meanwhile, Ring Shine Textiles turned out to be the worst loser on Sunday with its price declining by 8.9% in DSE.
Shares in the company closed the day at Tk7.10, down by 8.9% from Tk7.80 per share in the previous session on the Dhaka bourse.
Ring Shine Textiles raised a capital worth Tk150 crore from the capital market last year under the fixed price method for purchasing and installation of machinery, partial repayment of bank loans and to meet the IPO expenses.
The company’s earnings per share turned negative Tk0.19 for January-March 2020 which was Tk0.33 positive for January-March 2019.