Listed Ring Shine Textile Mills Limited has recently canceled its share sale agreement with Wise Star Textile Mills. The share sale agreement was canceled in the company’s 105th board meeting last Sunday.

This information is known from Dhaka Stock Exchange (DSE) sources.

According to sources, the termination of the contract was necessary to protect the interests of the stakeholders. The company cited controversial activities surrounding the deal as the primary reason for canceling the deal.

Earlier, in August 2023, Bangladesh Securities and Exchange Commission (BSEC) allowed Wise Star Textile Mills and five Singapore-based companies to buy 38 percent stake in Ring Shine, subject to approval. The shares held by the sponsor-directors.

Later in September of that year, Ring Shine’s board of directors raised concerns about the credibility of Wise Star and its affiliates.