BEZA to allot 30 acres of land to Berger

Bangladesh Economic Zones Authority (BEZA) is set to allot 30 acres of land to Berger Paints Bangladesh Limited for expansion of its manufacturing facilities.

A lease agreement in this regard is scheduled to be signed between BEZA and Berger Paints tomorrow (Wednesday).

Rupali Chowdhury, Managing Director of Berger Paints Bangladesh, said the company would establish third factory in the land to be allotted in the economic zone.

"Land is also required for joint venture business. The allotment of land in economic zones will help us initiating joint venture business," she said.

The company earlier had submitted an application seeking allotment of industrial land at Mirsarai and Feni economic zones for expansion of its manufacturing facilities.

"BEZA has been pleased to issue a provisional letter of allotment approving 30 acres of land in favor of the company in Mirsarai and Feni Economic Zones subject to certain conditions," said a company disclosure posted on the DSE website.

Berger Paints Bangladesh, an 'A' category company, was listed with the stock exchanges in 2006.

The company's sponsor-directors hold 95 per cent shares, institutions 1.85 per cent, foreign shareholders 1.55 per cent and general public 1.60 per cent as of September 30, 2018.

The company's share price closed at Tk 1,225.70 each on Monday with a marginal rise of 0.71 per cent or Tk 8.70 on the DSE.

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