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Paramount Textile to invest $9.75m for enhancing production

FE Online Report | Published: November 27, 2019 11:50:58 | Updated: November 28, 2019 11:58:31


The board of directors of Paramount Textile Ltd has decided to invest around US$9.75 million for enhancing and upgrading existing production capacities.

The textile company will invest the said amount in thermosol dyeing, solid dyeing, continuous washing, bleaching unit etc. through installing few brand new capital machineries, said an official disclosure on Wednesday.

The company installed the brand new capital machineries for enhancing and upgrading existing production capacities and business to meet up the buyers’ choice and demand.

The post import facilities will be settled down under the credit facilities of Pubali Bank Ltd, it said.

Each share of the company, which was listed on the Dhaka bourse in 2013, closed at Tk 52.90 on Tuesday.

The board of directors of the company has recommended 7.0 per cent cash and 9.0 per cent stock dividend for the year ended on June 30, 2019.  The AGM will be held on December 9.

The company disbursed 7.0 per cent cash and 5.0 per cent stock dividend for the year ended on June 30, 2018.

The company’s paid-up capital is Tk 1.35 billion and authorised capital is Tk 2.0 billion, while the total number of securities is 135.49 million.

The sponsor-directors own 60.75 per cent stake in company, while institutional investors own 12.45 per cent, foreign 4.14 per cent and the general public 22.67 per cent as on October 31, 2019, the DSE data shows.

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