B Mirror Desk : The previous president of the garment industry owners’ association, BGMEA, Anwar ul Alam Chowdhury Parvez, is bringing his daughter to the family firm as an inheritance after having two sons. At the moment, he serves as the Bangladesh Chamber of Industries’ (BCI) president.
About 6.2 million shares of two family businesses, with a combined market worth of approximately 80 million taka, are being given to their only daughter, Sanjana Shehnaz Chowdhury, by Anwar ul Alam Chowdhury and his wife, Shabnam Shehnaz Chowdhury. The businesses are Evins Textile and Argon Denim. Both are businesses in the textile industry.
Since the two companies are listed on the stock market, entrepreneurs have a legal obligation to disclose information about the gift of shares. Accordingly, this information was published on the website of the country’s main stock market, Dhaka Stock Exchange (DSE) on Thursday. It is said that Argon Denims Chairman Shabnam Shehnaz Chowdhury and Managing Director (MD) Anwar ul Alam Chowdhury are gifting about 2.5 million shares of the company to their daughter Sanjana Shehnaz Chowdhury. According to the market price on Thursday, the price of these shares is more than 4.14 crore taka. Anwar ul Alam and Shabnam Shehnaz couple are gifting their daughter about 3.7 million shares of Evens Textile. According to yesterday’s market price, these shares are worth about 4 crore taka.
According to company-related sources, the parents are gifting these shares to their daughter to include her in the board of directors of the two companies. According to the provisions of the capital market regulator Bangladesh Securities and Exchange Commission (BSEC), no one can become a director unless they have a minimum of 2 percent shares in a listed company. These shares are being gifted to the daughter after fulfilling this minimum shareholding condition and appointing her as a director.
When asked about this, Anwar ul Alam Chowdhury told Prothom Alo, “Our only daughter has just returned home after completing her studies in business from the United States. We have decided to use her education as a representative of the new generation to take the company’s business forward.” For that, he is being given a minimum share as per BSEC conditions to join the boards of the two companies, so that there is no obstacle to him joining the boards.’
Anwar ul Alam Chowdhury further said that two of his three sons have already joined the family business. Now the daughter is being added as an inheritance.
Meanwhile, Anwar ul Alam Chowdhury’s two sons, Shah Adib Chowdhury and Shah Rayid Chowdhury, have already expanded the business by joining the family business. In addition to the Argon Denims and Evins Textile businesses, the two brothers have developed the local clothing brand ‘Noir’. In the meantime, Noir has become known as a local clothing brand. In addition, these two brothers brought the Japanese brand Miniso to Bangladesh. They are now running the Miniso business in Bangladesh.
Anwar ul Alam Chowdhury said that outside the family business, the two sons are running a domestic and a global brand business. Now a daughter is also joining the family business. The three children will take over the family business as an inheritance. The new generation will find new areas of business and take the business forward.
In the meantime, Evins Textile and Argon Denims were listed on the stock exchange in 2016 and 2013, respectively. Evins Textile is in the “B” category and Argon Denims is in the “A” category. Yesterday, the two companies’ share prices rose on the Dhaka market. The share price of Evins Textile rose by 50 paisa, or almost 5.5 percent, to 9 taka 80 paisa, while the price of each share of Argon Denims jumped by 40 paisa, or 2.5 percent, to 16 taka 40 paisa.
