MI Cement to change its name to Crown Cement

MI Cement Factory Limited—the parent company of Crown Cement Group—has planned to change its name to Crown Cement Factory Limited.

The board has decided to change the name of the company subject to the approval from the Registrar of Joint Stock Companies and Firms, Bangladesh, and concerned regulatory authorities, said the company in a filing with the Dhaka Stock Exchange on Sunday.

The decision will be placed at its upcoming annual general meeting for the approval of shareholders, it added.

Crown Cement is one of the popular brands in the country and pioneered in cement export in 2003. It is the largest cement exporter in Bangladesh with around 50 per cent market share of the cement export from Bangladesh, according to its website. The major export market of Crown Cement is the northeastern states of India including Tripura, Meghalaya, and the eastern and western region of Assam.

On Sunday, MI Cement share fell 1.7 per cent on the Dhaka Stock Exchange. The company got IPO approval from the securities regulator in 2011. It had raised over Tk 335 crore through the book-building method.

It had begun operation in 1994 by setting up a plant with a producing capacity of 600tpd (ton per day) Portland cement. Its second unit started in 2002 with a production capacity of 800tpd, the third unit of 1,400tpd in 2006, the fourth unit of 3,000tpd in 2011 and the fifth unit of 5,200tpd in 2017 to take the total production capacity to 11,000tpd i.e. 3.3 million metric tonnes per annum, according to the company’s website.