Dhaka, Bangladesh (BBN)-The Malek Spinning Mills has informed that the board of directors has approved the BMRE project (Balancing, Modernisation, Rehabilitation and Expansion) involving BDT 327.5 million, said an official disclosure on Monday.
“The passed the BMRE proposal No-1/2016 for an investment of BDT 327.5 million in re-structuring of the project by renovation/reconstruction in civil works, replacement/installation of new machinery and equipment for improved production/quality of products,” said the disclosure.
The investment funds to be borrowed from banks/other sources be and is hereby approved, said the disclosure.
The disclosure also said that the board of directors of Salek Textile (a subsidiary of Malek Spinning, which holds 97.925 per cent shares) had approved a scheme of its expansion of fabric unit by an investment of BDT 1,445.8 million.
The investment will be met from internal generation of funds/borrowing from banks/other sources by Salek Textile and Malek Spinning Mills will not be required to make any investment.
Malek Spinning was listed on the Dhaka bourse in 2010. The company’s share closed at BDT 16.20 on Sunday.