According to a disclosure published on Thursday on the stock exchange website, Esquire Knit’s board approved the investment decision on 20 March as a part of continued investment in its subsidiary that will meet upcoming export opportunities and secure profit and dividends for the company.
Esquire Knit Composite PLC — a readymade garments exporter — has decided to invest Tk5 crore in its subsidiary namely L' Esquire Limited — which is specialized in manufacturing lingerie products.
Esquire Knit will invest the fund by withdrawing the same amount invested in Impress Capital Limited, where it had invested Tk10 crore.
In L' Esquire, incorporated in 2019 as a subsidiary of Esquire Knit Composite PLC, 99.01% of shares are owned by Esquire Knit.
Its factory is located at Bhaluka in Mymensingh. The company manufactures lingerie, intimex, activewear and sportswear.
Also, it produces all kinds of garment products such as men's and women's shirts, trousers, baby dresses, jeans pants, jeans shirts and sportswear.
Esquire Knit Composite got listed on the bourse in 2019. It produces different types of knit garments.
In the last fiscal 2022-23, it made a profit of Tk8.24 crore, and paid a 10% cash dividend to its shareholders.
During the first half of the current fiscal year, it reported a consolidated loss per share at Tk1.10 as its revenue declined.
At the same time in the previous fiscal year, the loss per share was Tk0.51.
Its share price closed at Tk25.5 each yesterday, registering a 3.24% increase from the previous trading session.
Source: The Business Standard