Dhaka, Bangladesh (BBN) – Zaheen Spinning Limited, a Narayanganj based cotton yarn manufacturer, is going to set up a subsidiary company, said an office disclosure on Tuesday.
The additional company will be named Zaheen Polymer Ltd.
To materialise the attempt, Zaheen Spinning will make 51 percent investment in the shares for establishment of the subsidiary with an authorised share capital of BDT 10 million divided into 10,00,000 ordinary shares of BDT 10 each, said the disclosure.
The tentative project cost, annual turnover, net profit after tax (NPAT) is BDT 200 million, BDT 270 million and BDT 82.30 million respectively, said the office disclosure.
As a result net profit after tax of Zaheen Spinning will go up by BDT 42 million and the tentative time of commencement of production is June, 2016.
Zaheen Spinning made trading debut on the bourses in March this year.
Using the fixed price method, the yarn manufacturer floated 12 million ordinary shares of Tk 10 each and raised a fund worth Tk 120 million from the public.
Presently, the company’s authorized capital is BDT 1,000 million and paid-up capital is BDT 745.2 million, according to DSE web site information.
Of the total shares – 44.39 percent own by sponsor-directors, 38.94 percent institutions and 16.67 percent general public.
Tuesday’s open price of each Zaheen Spinning’s share was BDT 31.3.
BBN/AI/AD