Dhaka, Sept. 27 -- The management of the Ring Shine Textiles Ltd has decided lay off of the factory for one month time up to October 25, 2020.

Due to worldwide impact of prevailing Covid-19 pandemic, declining orders from foreign buyers, and shortage of imported raw materials, the company decided to close factory, said a disclosure posted on the Dhaka Stock Exchange website on Sunday.

The factory will be reopened as usual from October 26, 2020, according to the disclosure.

Ring Shine Textiles, raised a capital worth Tk 1.50 billion from the capital market last year under the fixed price method for purchasing and installation of machinery, partial repayment of bank loans and to meet the IPO expenses.

Each share of the company, which wa...