Home ›› 02 Dec 2021 ›› Stock
IFAD Autos, a listed automobile company, will a 199 decimal land in south-western district Jashore for Tk 3.18 crore.
The land will be used for the future expansion of the business of the company, said the company in a filing with the Dhaka Stock Exchange on Tuesday.
The decision was taken at the company’s board meeting. The land will be bought by the company’s own fund.
In August this year, the company announced to invest Tk 80 crore for purchasing a 40 per cent share of its subsidiary IFAD Multi products.
Bangladesh Economic Zones Authority (BEZA) has allotted 30 acres of land in favour of IFAD Autos to develop and operate industries, run commercial activities, and construct onsite infrastructures at Bangabandhu Sheikh Mujib Shilpa Nagar, at Mirsarai-Feni Economic Zones in July this year.
The company’s share price increased 3.03 per cent to Tk 47.60 on Wednesday.
IFAD Autos mainly imports and sells light, medium, and heavy truck chassis, different types of bus chassis such as AC buses, deluxe buses, tractors, and special vehicles like dump trucks, water tankers, prime movers etc.
The company is the sole distributor of Indian automobile manufacturer Ashok Leyland since 1994.
