Shasha Denims Limited (SDL), a sister concern of Shasha Group, one of the leading denim fabric producers in Bangladesh suitably located at Dhaka Export Processing Zone (DEPZ) with the best available infrastructural facility plans to acquire 40 percent stake of EOS Textiles Mills Limited worth approximately Tk 480 million.

The Shasha Denims said that approximately Tk 480 million, of which Tk 300 million will come from IPO fund, as per approval by shareholders in the 20th annual general meeting, said a disclosure posted on the Dhaka bourse’s website on Sunday.

Shasha Denims raised Tk 1.75 billion through initial public offering (IPO) in 2014 by floating 50 million ordinary shares, remaining Tk 180 million will come from company’s cash flow to acquire 40 per cent shares of EOS Textiles Mills.

The EOS Textile Mills Limited, a sister concern of Italian company Berto EG Industria Tessile Srl, is a 100 percent export oriented textile company located at Plot # 1-6 & 17-22 DEPZ (Exten), Ganak Bari, Savar, Dhaka.

The company has also informed that in this regard a MOU signing ceremony was held between Shasha Denims Ltd and EOS Textile Ltd at Westin Hotel at Gulshan in Dhaka on Saturday. Parveen Mahmud, chairman of Shasha Denims Ltd; Shams Mahmud, managing director, and Giuseppe Berto, managing director of EOS Textiles Ltd, attended the deal signing ceremony.

The cotton comes from organic production, spinning, dyeing and finishing of the yarn is also carried out according to ecological procedures.

Shasha Denims Limited makes fabrics for Marks & Spencer, Zara, C&A, Cotton on, Target Australia, George, New Look, Tesco, Best seller, Jack&Jones, Dressman, Gina tricot, LPP, Kiabi and so on and deliver the largest quantity from Bangladesh.

The one of the most important product range from SHASHA DENIMS Series made with 100% organic cotton, free from chemical fertilizers, pesticides and insecticides every step of the production follows sustainable textile detailed and accurate rules that make it ORGANIC DENIM.