IBN Sina to invest in subsidiary, land purchase for business expansion
The stock takes off from the floor after two months following the disclosure
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The IBN Sina Pharmaceutical Industry has decided to invest Tk 100 million in its subsidiary --- The IBN Sina API Industry --- to purchase capital machinery.
The IBN Sina API Industry is 100 per cent subsidiary of the publicly-traded pharmaceutical company.
The drug maker is also going to purchase 42.9 decimal of land in Chattogram and 34 decimal in Barishal to set up sales depots, according to a regulatory filing on Sunday.
The purchase price of the lands will be Tk 55.8 million in total, excluding registration fee and other additional expenses.
In April this year, the drug maker purchased a piece of land measuring 29.87 decimal at a cost of Tk 50 million in Kushtia to set up a sales depot, excluding registration and other related expenses.
Company secretary Md Kabir Hossain said the board had made new investment decisions as part of an ongoing business expansion plan.
The fund will be managed from the company's own source and partially from bank loans, he said.
Following the news, the company's stock took off from the floor after two months to reach Tk 287.10 on Sunday, gaining 0.17 per cent.
The drug maker's sales revenue rose 3.59 per cent year-on-year to Tk 6.64 billion in the nine months through March this year while profit increased 1.50 per cent to Tk 420 million.