Dhaka, Feb. 3 -- Shasha Denims, an export-focused apparel company with a National Export Trophy to its name, planned to invest Tk 6 billion to expand its business and open a new factory in early 2024.

The company is now dirching the plan due to changing economic realities, said its Managing Director Shams Mahmud.

He explained that it is not viable to run a business by taking loans at high interest rates.

Shasha Denims currently employs 1,600 workers across three dyeing units. In the fiscal year 2022-23, the company reported annual revenue of Tk 7.88 billion.

The company had been trying to set up a factory with 210 new looms at the Dhaka Export Processing Zone, expecting to generate an additional $12.5 million in revenue.

It had also ...