Within just 1 year of listing with stock exchanges in Bangladesh, Ring Shine Textiles Limited – the export-based garment maker – on Sunday decided to shut its manufacturing unit for a period of 1 month, up to 25 October 2020.
The company took this decision subsequent to the shortage of imported raw materials and decline of orders from foreign buyers, and informed its decision to close down for a month to the same Dhaka Stock Exchange (DSE).
According to media reports which cited the company secretary of Ring Shine Textiles, Ashraf Ali, the management took this decision, which was necessary.
In a statement issued, the company said that the decision in this direction was taken keeping with Section 11 of the Bangladesh EPZ Labour Law, 2019.
Meanwhile, soon after the company declared the temporary closure of its manufacturing unit, its stocks reportedly fell 8.97 per cent to Taka 7.10 on the DSE’s trading board.