Dhaka, Bangladesh (BBN): The Board of Directors of Malek Spinning Mills approved additional investment in Share Capital of its three subsidiary companies in the following manner subject to the consent of Bangladesh Securities and Exchange Commission (BSEC), officials said.
(1) Salek Textile Mills Limited: BDT. 110,173,100, (2) J.M. Fabrics Limited: BDT. 337,500,000 and (3) Titas Spinning & Denim Co. Limited: BDT. 379,000,000.
The above subsidiary companies shall raise their paid up capital by issuance of ordinary share at face value of BDT. 100 each and the fund so raised shall be utilized to settle the outstanding loan & liabilities including advances from Malek Spinning Mills.
Malek Spinning Mills shall subscribe to the proposed additional share issues of all the above named three subsidiaries from its internal generation of funds.
BBN/BB/AD/Jan17-13-12.20pm (BST).