National Polymer to invest $3.80m for business expansion

Dhaka,  Wed,  20 September 2017
Published : 12 Mar 2017, 21:22:06

National Polymer to invest $3.80m for business expansion

FE Report

National Polymer Industries is set to expand its existing project capacity by setting up new machineries worth US$ 3.80 million (approximately Tk 304 million), said an official disclosure on Sunday.

"National Polymer will expand the existing project of the company for which it will import machineries for manufacturing 24 inch dia meter PVC pipes, sheets, doors, thread tape and plastic household products," said the disclosure posted on the Dhaka Stock Exchange (DSE) website.

The disclosure noted that the aforementioned expansion will be financed by Standard Chartered Bank with a foreign loan facility of US$ 3.80 million for which Bangladesh Investment Development Authority (BIDA) has already given its approval.

"The expansion will increase the production capacity of the company from existing 19,708 M. Ton to 29,562 M. Ton," said the disclosure.

"The company is expected that the new machineries will go for production from August 01, 2017," the disclosure said.

Each share price of the company, which was listed on the Dhaka bourse in 1993, closed at Tk 97.90 on Sunday, advancing 0.93 per cent over the previous session.

In six months for July-December, 2016 period, the company has reported earnings per share (EPS) of Tk 1.81 as against Tk 1.37 in the same period a year ago.

The company disbursed 20 per cent stock dividend for the year ended on June 30, 2016. In 2015, the company paid 18 per cent stock dividend.

The company's paid-up capital is Tk 204 million and authorised capital is Tk 500 million while the total number of securities is 20,431,244.

The sponsor-directors own 52.40 per cent stake in National Polymer, while institutional investors 8.55 per cent and the general public 39.05 per cent as on January 31, 2017, the DSE data shows.

Established in 1987, the company produces PVC pipes, UPVC pipes and bottle grade PVC compound manufacturing plant in local market, according to the company's website.
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