Home ›› 30 Aug 2022 ›› Stock
Golden Harvest Agro Industries, a frozen food producer, has dropped its Tk 5 crore plan to enter the e-commerce market citing the unfavourable economic outlook seventeen months after taking the decision.
In March 2021, the company announced stepping into the e-commerce business in order to tap into the potentials of the sector that witnessed a massive boost amid the pandemic.
Under the plan, it was expected to introduce a mobile app – Servus Foods –to facilitate different services, including delivery of food and groceries, along with ticket booking. “Due to the unstable economic outlook of the country, the board decided it would not be prudent to move forward with the planned investment in e-commerce platform and also decided not to proceed with the investment,” said the company in a filing with the Dhaka Stock Exchange (DSE) on Monday.
