Gazipur, Bangladesh (BBN)-The board of directors of Fu-Wang Ceramic has decided to sign a contract with a China-based machinery supplier company- Foshan Henglitai Machinery Company, for supply of one new Hydraulic Press along with accessories to enhance tiles production capacity, said a disclosure on Thursday.
The total cost of the Hydraulic Press along with accessories worth US$ 356,920 followed by establishing of L/C(s) in favor of the above supplier by the company to execute the contract and to install the equipment at the factory at Hotapara, Gazipur, said the disclosure.
“After setting-up the new Hydraulic Press machine, the production capacity will be increased approximately 7,500 sqft Tiles per day,” said the disclosure, which posted on the Dhaka Stock Exchange (DSE) website.
Fu-Wang Ceramic, the multinational company, was listed on the Dhaka bourse in 1998.
The ceramic sector company belongs to the “A” category.
The sponsor-directors own 24.22 per cent stake in the Fu-Wang Ceramic, while institutional investor 26.35 per cent, foreign 0.02 per cent and the general public 49.41 per cent as on April 30, 2016.
The company’s paid-up capital is BDT 1,023.80 million and authorised capital is BDT 3,000 million, while the total number of securities is 102,380,988.
The company’s market capitalisation stood at BDT 1,658.57 million as on Thursday.
The company’s share price surged 4.32 per cent to close at BDT 16.90 on Thursday.