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Malek Mills to set up first ever petrochemical unit
07
Jul '10
Huge numbers of investors participated for the IPO of Malek Spinning Mills Ltd (MSM), early this week. The IPO subscription of Tk 1 billion has earned the biggest amount of Tk 16.31 billion, which is 16.31 times more than the actual IPO amount.

As per A Matin Chowdhury, Managing Director of the company said that, the firm will be making use of the earnings from the IPO to set up a PetroChemical Complex. This complex is likely to be the first of its kind in Bangladesh. Bottle Grade PET resin and Textile Grade Chips along with Polyester Fibre will be manufactured within this complex.

This will help replace imports, which in turn will help transform vital savings of foreign currency and also encourage tremendous growth in the polyester production industry, informed Chowdhury.

With a turnover of over Tk 3 billion per year, MSM is both one of the leading spinning mills of Bangladesh, avers, Moshiur Rahman, Director of the company.

MSM possesses the cotton USA license and is equipped with latest machines manufacturing yarn, which is utilised in the export market. It is also one of the only two firms of Bangladesh, which has received the USTERIZED certificate by Uster Technologies, Switzerland.

With a capacity of 6,000 spindles and yearly sales of Tk 95 million, currently, MSM's capacity is of 63,624 spindles along with a daily open-end capacity of 40 tons. Its estimated yearly sale is of about Tk 3.88 billion per year and the staggering growth rate if of 40 times in 21 years, informed, BK Chaki, DGM, Accounts and Finance.

Fibre2Fashion News Desk - India

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