Sonali Bank, Bangladesh’s largest state-owned bank, has announced plans to auction off the assets of Alltex Industries to recover unpaid loans amounting to Tk 380.77 crore as of March 31, 2022.

The auction will include 14.7 acres of land, manufacturing facilities, office buildings, raw materials, and spare parts mortgaged by the listed textile producer. Interested buyers have been invited to submit bids by January 2, 2024.

Despite the auction announcement, Alltex Industries’ share price remained unchanged at Tk 10 per unit on the Dhaka Stock Exchange. The company, listed in 1996, has provided cash dividends only twice in its history, with payouts of four percent and one percent in two separate years.

Financial statements for fiscal 2023-24 reveal a net loss of Tk 8 lakh and negative retained earnings of Tk 1.13 billion as of June 30, 2024.