Apex Spinning and Knitting Mills Ltd., a 100% export-oriented vertically integrated textile manufacturer, has announced an indefinite temporary shutdown of its production facility in Kaliakair, Gazipur, affecting nearly 5,000 workers and employees.
The decision was approved at an emergency board meeting on 23 June and disclosed to the Dhaka Stock Exchange (DSE) on Tuesday. Citing Section 13(1) of the Bangladesh Labour Act, 2006, the company suspended all manufacturing and operational activities with immediate effect until further notice.
According to the company, prolonged labour unrest and worker protests over various service-related benefits disrupted normal production and created security concerns within the factory premises, leaving management with no alternative but to declare a legal layoff.
The shutdown comes at a challenging time for Apex Spinning. During the July–March period of FY2025-26, the company reported a 9.28% decline in revenue to Tk 383 crore and a 15.20% drop in net profit to Tk 2.14 crore compared to the same period of the previous year.
Despite the operational setback, Apex Spinning has maintained a 20% cash dividend annually since FY2020-21. The company, which has a market capitalization of around Tk307 crore, also attracted regulatory attention earlier this year after its share price surged nearly 140% between March and May.
