Regent Textiles to buy Legacy Fashion at Tk 83 crore

Dhaka (Oct 20, 2020): Regent Textiles, a listed company on Dhaka Stock Exchange, has announced to acquire 99 percent shares of Legacy Fashion Limited at Tk 83 crore.

Both the companies are owned by Chattogram-based Habib Group that has exposure in power, steel, cement, fertilizer, aviation (Regent Air), paper, textile, apparel, spinning, weaving, shares and securities, real estate, navigation and trading.

Regent Textiles will buy Legacy Fashions at a price based on the latter’s net asset value as of June 30, 2020, the company said in a statement posted on the Dhaka Stock Exchange.

Legacy Fashion Limited, which is a 100% export-oriented RMG factory, was established in 2006 at BSCIC Industrial Estate, Kalurghat, Chattogram. The company’s average yearly turnover is Tk 300 crore (based on last three years).

Habib Group’s annual turnover is more than $500 million and around 20,000 are employed in the group.