Dhaka Stock Exchange (DSE) disclosing the news said the factory was closed in October and expected to resume its operation next month
Miracle Industries Limited, a publicly traded company, on Tuesday announced its closure on the ground of working capital shortage.
Dhaka Stock Exchange (DSE) disclosing the news said the factory was closed in October and expected to resume its operation next month.
“The Company has also informed that the factory of the company is closed from the month of October, 2019 due to shortage of working capital and the Board of Directors are trying best to resolve the present situation and very much hopeful to restart operation from the month of January, 2020,” reads the discloser of the DSE.
In another discloser, Miracle reported earnings per share (EPS) at1.25 in the negative for July-September 2019 as against Tk 0.28 in the positive for the same period last year.
Meanwhile, shares in Miracle Industries closed the day at Tk20.60, rose by9.57% from Tk18.80 per share in the previous session on DSE.
Surprisingly enough, its shares halted due to lack of sellers at the DSE.
Company secretary of Miracle Industries Limited Dewan Mohammad Jahidul lslam told Dhaka Tribune that the company’s management decided to retrench the staff and workers of its factories as per Bangladesh Labour Law.
“We are trying our best to resolve the present situation with our partner bank Shahjalal Islami Bank and very much hopeful to restart operation from next month,” Islam said.
The company was founded in 1995. It produces and exports a complete range of polypropylene woven sacks and flexible intermediate bulk containers.
Incorporated as a private limited company in 1993, the company was listed at Dhaka and Chittagong Stock Exchanges in 2000. Its manufacturing units are located in Sreepur and Gazipur.
The company’s business line are manufacturing of different types of PP woven bag, liner bag with lamination and FIBC/Jumbo bags for bagging cement, fertilizer, salt, feeds, sugar food grains and chemicals.
According to the latest annual report for 2017-18, Miracle Industries’ permanent workers were 454.
During 2017-20l8, Miracle produced I7.3l lakh pieces of various types of bags of unit-l and 1.55 crore pieces of WPP bags of unit-2.
During the period, EPS of the firm was Tk1.00 which was Tk 1.17 in 2016-17.
According to the DSE data, the company has a paid-up capital of Tk33 crore, and belongs to the category ‘b’. Sponsor-directors hold 30% shares of Miracle Industries Limited while general investors hold 70%.