Sonali Paper and Board Mills Ltd, a sister concern of Younus Group Limited, has signed a memorandum of understanding with Zhangjiagang Fineness Aluminium Foil Company, a concern of IBN Corporation, to set up an aluminium foil paper plant at Rupganj in Naraynganj.
Mohammad Younus, managing director of Younus Group and also the chairman of Sonali Paper and Zahidul Alam, chief executive officer of IBN Corporation signed the MoU at a programme held in the capital on Sunday, according to a press release.
According to data retrieved from the Dhaka Stock Exchange website, Sonali Paper offered 5 per cent cash and 10 per cent bonus for its shareholders in 2019-20 fiscal year.
The company’s paid-up capital is Tk 18.3 crore and authorised capital is Tk 50 crore.
Currently, Sonali Paper produces white paper, printing paper, simplex paper and duplex papers. Once the MoU is implemented, the annual sales of Sonali Paper will go up by 25 per cent, said Mohammad Younus after the signing ceremony.
Aluminum foil paper machine, which is fully automated, can produce on average of 1 lakh pieces of aluminium foil container boxes per day, he said.
