Home ›› 13 Dec 2021 ›› Stock
A fire at a factory owned by Malek Spinning Mills has hampered its yarn production.
The company’s production completely halted for several hours on Friday night. Its shares fell 3.63 per cent to Tk 29.20 on Sunday.
The fire incident took place at around 7 pm at the raw cotton warehouse located at Gazipur’s Shafipur on Friday, said the company in a filing with the Dhaka Stock Exchange on Sunday.
Three units of firefighters brought the flame under control in the morning on Saturday when the partial operation of the plant resumed, it said.
The cause and the extent of damage have not been determined. The work for estimating the losses is going on.
The warehouse and, cotton is covered by the insurance policy. A man injured in the incident died after he was taken to Dhaka Medical College Hospital on Sunday morning.
Malek Spinning Mills began its commercial operations in January 1991 and was subsequently converted into a Public Limited Company in September 2008.
The company was one of the first Uster-certified spinning mills in Bangladesh and procures its cotton from the finest farms in the USA, which enables it to produce a consistently superior quality of yarn to those of its peers.
It is a deemed exporter and 100 per cent of its yarn is supplied to local (knit) garments manufacturers, who then export these garments to world-renowned apparel retailers.
