The sibling company of the Hong Kong-based Epic Group, Epic Garments Manufacturing Company Limited, plans to join the board of the publicly traded Envoy Textile Limited.
As an institutional shareholder, Epic holds a 2.65 percent ownership in Envoy Textile. Epic and the Sheltech Group jointly manufacture ready-made garment products in Bangladesh.
Envoy disclosed price-sensitive information about its impending annual general meeting (AGM), stating that Sunil Daulatram Daryanani, who was nominated by Epic Garments, was recommended by the board to run for election as a director, contingent upon a vacancy.
Based on the price-sensitive information, the candidacy application submitted in accordance with Article 127.1 of the company’s articles of association was accepted subject to certain limitations.
The annual general meeting (AGM) is set for March 28 after Envoy Textile. The general shareholders will have the power to approve the audited financial statements for 2022–2023; declare dividends; elect three directors; and address other issues during the meeting.
Epic Group has been a mainstay of the clothing business for decades, progressing from a textile trading firm to a pioneer in obtaining premium textiles, according to information provided to its shareholders.
It has been a cutting-edge manufacturing business operating out of Bangladesh, Jordan, Vietnam, and Ethiopia since 2005.
2008 saw the founding of Epic Garment Manufacturing, whose plant is situated in the Adamjee Export Processing Zone. Bottom shorts, denim jeans, and bottom pants are Epic Garments’ main export items.
In addition to chairing Epic Garments, Kutubuddin Ahmed also leads Envoy Textile.
In the first half of fiscal 2023–24, its revenue climbed to Taka 690.95 crore, and it had a profit of Taka 24.27 crore. For the fiscal year 2022–2023, it reported revenue of Taka 1,109.49 crore, a decline of 10.54 percent from the previous fiscal year.
Its earnings for the fiscal year 2022–2023 dropped significantly from Taka 50.13 crore to Taka 32.73 crore. At the upcoming AGM, the shareholders will consider and approve the recommendation of a 15% cash dividend for its shareholders.
Previously, in 2022, a legal battle over supremacy broke out within the world’s first LEED-certified platinum denim facility, following Kutubuddin Ahmed’s divorce from Envoy Textiles Limited’s parent company, Envoy Group.
Abdus Salam Murshedy’s legal battle began in June 2022 when he disputed that he might be leaving his role as managing director of Envoy Textile.
The High Court then appointed Tanvir Ahmed as the company’s new managing director and Shehrin Salam Oishee as deputy managing director, subject to calling an EGM to obtain the approval of the shareholders.
The nomination of a managing director for the company was approved by shareholders at the Envoy Textiles EGM held on March 2 at the Gulshan Shooting Club.
