Bangladesh’s Union Group, a multifaceted group of companies, with multiple business interests including textiles, dyeing, real estate, power and energy, hospitality, etc., has recently expressed its intention to buy Ring Shine Textiles Limited, even as it has also sent a letter to the Bangladesh Securities and Exchange Commission (BSEC) in this regard recently.
In the letter, Union Group further, reportedly, underlined it has agreed to take over Ring Shine following a request by the concerned bankers even if the net asset value of Ring Shine is negative.
Reports further added that on 27 September 2020, Ring Shine declared lay-off of its factory within a year of listing on the Bangladesh’s stock exchanges even if it resumed production on 13 June 2021 at 25 per cent of its full capacity after the BSEC restructured its board in January 2021.
