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Bangladesh's Alif Industries plans to expand business
Feb '18
Bangladesh’s Alif Industries plans to invest Tk 400 crore to expand its garments business. It will raise the capital to set up a spinning mill with a capacity of running 50,000 spindles and a green plant comprising 25 production lines to manufacture woven denim, a sister concern of the company disclosed this on the Dhaka Stock Exchange website recently.

The main focus of Alif Group is to develop backward linkage industry in the readymade garment sector. The company will raise the money by issuing three crore ordinary shares at an average price that is 30 times of its earnings per share and the three months' moving average of the market price.

The company opts for the stock market for sourcing the funds instead of bank loans as the market price of the company's shares are high, a top Bangladeshi daily quoted Alif Group managing director Azimul Islam as saying.

The company plans to produce yarn to reduce dependence on import and will hold an extraordinary general meeting on March 11 to seek approval in favour of its decision and then send the proposal to the Bangladesh Securities and Exchange Commission for permission.

The group, engaged in garments business for over three decades, bought CMC Kamal Textil Mills from planning minister AHM Mustafa Kamal and changed its name to Alif Manufacturing Company in December last year. It now has eight garments factories. Its companies produce woven tops and bottoms and employ around 8,000. (DS)

Fibre2Fashion News Desk – India

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