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Hamid Fabrics to float IPO to fund expansion
Apr '11
Hamid Fabrics Ltd, a subsidiary of Mahin Group intends to raise Tk 1.5 billion through a public issue, to fund execution of its expansion plan, as there has been a rise in demand for its products from buyers.

The fabric making firm based in Narsingdi intends to utilize the funds for establishing a yarn-dyeing unit with an annual capacity of 15 million yards of fabrics. Hamid Fabrics presently has a weaving and a dyeing and finishing unit.

Construction work of the new unit would commence from July or August.

The Group might also set up a Tk 1.50-1.75 billion spinning facility with 50,000 spindles, after starting the yarn-dyeing project, which would help Hamid Fabrics to gain more self reliance.

The Group has H&M, Zara, Tesco, Wal-Mart, s. Oliver, Carrefour, Uniqlo, Gap, Esprit, Nike, Next, Tommy Hilfiger and Levis' as its fabric buyers. The total turnover of the Group for 2010-11 stood at Tk 3.5 billion, with 2,000 workers.

Fibre2fashion News Desk - India

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