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Pearl Paper and Board Mills will be merged with Bangladesh Monospool Paper Manufacturing Company.
The board of directors of the Monospool Paper has approved the scheme of amalgamation, according to a disclosure.
"(Transferee Company) and Bangladesh Monospool Paper Manufacturing Company Ltd. shall be the surviving entity," reads the disclosure.
Pearl Paper and Board Mills, a unit of BDG-Magura Group, manufactures offset paper and white writing paper.
Its plant is capable of producing 40,000 MT of writing/printing paper, offset paper, art paper/card, and converted offset paper per annum, according to the company's website.
The approval by the board of directors is subject to a sanction by the High Court Division of the Supreme Court and the approval of the regulatory authorities.
Bangladesh Monospool Paper Manufacturing Company, presently an 'A' category company, was listed on the stock exchanges in 1989.
Before June 2021 the company was in the OTC (over-the-counter) market for its non-performing status.
The Bangladesh Securities and Exchange Commission (BSEC) then issued an order allowing four companies, including the Bangladesh Monospool, to get re-listed on the main board of the stock exchanges following an improvement in their operations.
The company's share price closed at Tk 175.90 each on September 20, 2022 and later it exhibited an abnormal price hike. The stock jumped 142 per cent within less than a month and closed at Tk 426.20 on October 17.
Afterwards, the company's share price declined gradually and closed at Tk 267.50 on Sunday.
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