PTL to commission solid dyeing unit

Paramount Textile Limited (PTL), a subsidiary of Paramount Group, is going to be in operation after investing in balancing, modernisation, rehabilitation and expansion (BMRE).

After the commissioning, its production would be boosted by 16.50 lakh yards to 22.5 lakh per month and the monthly revenue will be increased by $ 2.5 million to the company’s existing revenue, said in a filing with the Dhaka Stock Exchange (DSE) on Wednesday.

BMRE will receive an investment of $85.45 million from Paramount Textile. After completing the expansion project, the company expects to generate an extra amount of around $7.0 million per month of revenue as of November 30, 2021.

Founded in 2006, PLT is now one of the leading manufacturers of woven yarns in Bangladesh.

Listed in 2013, it diversified its business into power generation and later also opted for the river dredging business.

Its share prices declined 2.42 per cent to Tk 80.60 on Wednesday.

The company recommended 20 per cent cash and 5 per cent stock dividends for the year ended June 30, 2021.