Share trading of Tung Hai Knitting and Dyeing will begin on the stock exchanges today.
It is the 35th listed firm in the textile sector that accounts for around 4% of the total market capitalisation of Dhaka Stock Exchange (DSE).
The textile company got Tk35 crore from the stock market by floating 3.5 crore ordinary shares of Tk10 each to meet the need of working capital, purchasing machinery and repaying term loans of banks.
Its earnings per share stood at Tk1.15 and net asset value per share at Tk13.73 as of 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 $50m.
Bangladesh Securities and Exchange Commission approved the IPO on February 18 while DSE okayed the listing of the company on August 14.
