Apex Tannery to lease its facilities to Apex Footwear

Apex Footwear has decided to take lease of factory premises with land, buildings, godowns, machinery, equipment, fittings, and fixtures of Apex Tannery Limited.

A tenancy agreement has been signed on Tuesday between the two listed companies for 20 years with effect from October 1 on a monthly rental basis of Tk 27.5 lakh for the first 10 years and Tk 30.25 lakh for the next 10 years to facilitate the production of the company, said Apex Footwear in a filing with the Dhaka Stock Exchange.

Both the companies are the subsidiaries of the country’s one of the largest conglomerate Apex Group. Apex Footwear will use the facilities of Apex Tannery at its unit-II situated at Shafipur, Gazipur.

Apex Footwear share fell o.38 per cent to Tk 292.60 and Apex Tannery share declined more than 1 per cent on the Dhaka Stock Exchange on Tuesday.

Apex Footwear exports footwear to 135 countries, including Europe, North America and Japan while Apex Tannery exports in more than 30 countries including Italy, Hong Kong, China, Japan, India, Vietnam, Korea, United States etc.