Olympic Industries, the largest biscuit manufacturer and supplier in Bangladesh, announced key decisions made by its board of directors during a meeting on October 5, 2024, aimed at strengthening its operational capacity and real estate portfolio.
In a significant move, the company has agreed to purchase residential plots totaling 12.25 Kathas in the prestigious Bashundhara Baridhara Residential Area.
The acquisition, made from East West Property Development (Pvt) Ltd, will cost Olympic Industries a total of Tk 11.51 crore, translating to Tk 94 lakh per Katha, disclosed on Sunday, DSE website.
In addition to the residential plots, Olympic Industries secured a second property, acquiring 6.13 decimals of land adjacent to its biscuit and confectionery factory in Mouza-Lolati, Sonargaon, Narayanganj District.
The company emerged as the highest bidder in an auction held on August 3, 2022, for this plot, which was advertised in the newspaper "Jai Jai Din" on June 8, 2022. The purchase price for this land is Tk 15.32 lakh, or Tk 2.50 lakh per decimal.
Both acquisitions are part of Olympic Industries’ broader strategy to enhance its infrastructure and operational capabilities. The company will also cover all associated costs, including registration fees, VAT, taxes, and other governmental and miscellaneous charges.
These strategic investments are expected to bolster Olympic Industries' position in the competitive food manufacturing sector and provide opportunities for future growth and development.
As the company continues to expand its footprint, it remains committed to delivering high-quality products to consumers across Bangladesh, said the market insider.
Olympic Industries was planning to increase production by investing over Tk 26 crore in manufacturing new products and expanding existing facilities.
The expansion plans could be implemented by 2024, it was said. However, no information has been given in this regard in the new investment decision.
Expanding cartoon production, building a second baked snacks processing line, marketing chocolates under its own brand and building facilities were detailed in a 2022 filing with the Dhaka Stock Exchange.
It is also said to have entered into an agreement with Lucerne Cocoa and Chocolate Products to purchase a variety of chocolate products from them for sale under their own brand name between September 1, 2022 and August 31, 2024.
It was said to be constructed at a total cost of Tk 1 crore on the newly purchased land near Lolati Factory on a floor area of about 9 thousand square feet.
The company engages in the manufacturing and retailing of consumer goods, particularly branded biscuits and confectionery items, and batteries.
Energy Plus, Tip, and Nutty are the popular brands of Olympic Industries that began operation in 1979. The company is the pioneer in exporting biscuits. At present, the company is exporting to 30 countries, including USA, UK, Greece, France, Cyprus, Portugal, Ghana and Somalia.
It was listed on the Dhaka Stock Exchange in 1984 and Chittagong Stock Exchange in 1996. Its market capitalisation stood at Tk 3,400 crore and has Tk 802 crore in surplus reserve.
Its share price was down 5.11 per cent to Tk 161.40 on Sunday.
