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The board of directors of Alif Industries has decided to set up two new business units investing in Tk 4.0 billion.
According to an official disclosure on Tuesday, the two planned units will include one spinning mills with capacity of 50,000 spindles and another is LEEDS certified green plant for manufacturing of “Woven Denim” consisting of 25 production line under the name of “Alif Industries Limited”.
The company said total investment Tk 4.0 billion is required for the aforesaid two new business units.
The source of financing of these two new business units will be through capital raise (issue of capital), subject to approval of Bangladesh Securities & Exchange Commission (BSEC) and other sources.
The company has also decided to hold an extraordinary general meeting (EGM) on March 14, 2018 to pass some special resolutions.
The special resolutions include to increase authorised capital of the company from Tk 500 million to Tk 1.50 billion, to amend clause (Uma) of Memorandum of Association and clause 6 (Ka) of Articles of Association of the company, to issue 30 million ordinary shares at an average price of 30 times of earnings (i.e. at PE ratio 30X) and 3 months moving average of market price through capital raise (issue of capital) to the board of directors/shareholders/private placement, subject to approval of BSEC.
The record date for EGM is scheduled to be held on March 11, 2018 at Gulshan Club Limited in Dhaka at 1.00 pm.
Each share of Alif Industries, which made share trading in DSE main market on December 28, 2017 from over the counter market, closed at Tk 101.20 each on Monday.