Shasha Denims Limited (DSE:SHASHADNIM) signed a memorandum of understanding to acquire 40% stake in EOS Textiles Mills Limited for BDT 480 million on February 24, 2018. Shasha Denims will fund the consideration from BDT 300 million from IPO fund, as per approval by shareholders in the 20th annual general meeting (AGM) and the remaining BDT 180 million from cash flows. As on February 17, 2018, Shasha Denims Limited (DSE:SHASHADNIM) has agreed to acquire 80% stake in EOS Textiles Mills Limited for BDT 1 billion. Shasha has already paid BDT 300 million and the remaining amount will be paid from it cash flow. The transaction is subject to approval from Bangladesh Bank. Bangladesh Bank has approved the transaction on August 23, 2019. Sale proceeds will be repatriated to non resident shareholders of EOS. Shasha Denims Limited (DSE:SHASHADNIM) completed the acquisition of 80% stake in EOS Textiles Mills Limited for BDT 1 billion in December 2019.