Business Desk :
Malek Spinning has decided to close down its readymade garment unit of its subsidiary named Salek Textile due to accumulated loss.
On Sunday, the company shared the information through a posting on the website of Dhaka Stock Exchange (DSE) where it said it has approved the closure of the textile unit with effect from December 31, 2021 due to accumulated losses and expiry of lease agreement of the factory building and premises.
The liabilities of the unit shall be settled by selling of assets of the unit (factory plant and machinery and others) and borrowing from Salek Textile Limited.
Malek Spinning will not be required to provide any fund for closing down the RMG unit of Salek Textile, the disclosure added.
Stocks of Malek Spinning dropped 3.19 per cent to Tk 27.30 at the DSE on Sunday.
