PTL to invest in BMRE expansion

Paramount Textile Limited (PTL), a subsidiary of Paramount Group, is going to invest further in balancing, modernisation, rehabilitation, and expansion (BMRE).

The company informed that the Board of Directors has decided to invest an amount of around USD 85 million in capital machineries, civil construction and other auxiliaries work for enhancing its production capacity, it said in a filing with the Dhaka Stock Exchange (DSE) on Monday.

Around USD 7 million will be added to the monthly revenue for this investment and the post-import facilities will be settled down through foreign currency term loan facilities, said the company.

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 3.53 per cent to Tk 76.80 on Monday, first two hours of trade.

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