Eastern Cables to export wires worth $4.2m to China

State-owned Eastern Cables Limited says it is set to export wires worth $4.20 million to China.

To this end, the company signed an agreement with China National Technical Import and Export Corporation (CNTIEC) for the supply of the aluminum wire, it said in a filing with the Dhaka Stock Exchange (DSE) on Monday.

However, it did not mention the time of exports.

Eastern Cables Managing Director Abul Kalam Azad and CNTIEC Representative Zhang Zhilong (Balandy) inked the agreement at Bangladesh Steel and Engineering Corporation (BSEC) conference room in Dhaka. BSEC Chairman Md Shahidul Haque Bhuiyan was present during the agreement signing ceremony.

Eastern Cables, a subsidiary company of Bangladesh Steel and Engineering Corporation, was listed on the DSE in 1986 and on Chittagong Stock Exchange in 1997.

On Monday, the company’s share price gained 9.94 per cent to Tk 161.50 on the DSE.

According to data on the DSE website, the government holds 51 per cent of shares in the company, sponsors/directors 17.77 per cent, institutional investors 18.21 per cent and general shareholders 13.02 per cent.

Eastern Cables, located in the port city of Chittagong, is the biggest cable and conductor manufacturer in Bangladesh.

Currently, the state-run company manufactures various types and sizes of domestic, control, flexible, and power PVC cables of continuous permissible service voltage up to 12 KV and having a cross-sectional area up to
1000 mm2.