Singer leases land in Rupganj for new factory
Singer Bangladesh has entered into an agreement with Bangladesh Special Economic Zone (BSEZ) to take lease of 35 acres of land in Rupganj of Narayanganj to establish a manufacturing complex.
The listed multinational electronics and home appliance maker yesterday informed shareholders of the agreement.
The BSEZ is the first special economic zone developed by a Japanese company in the country in partnership with Bangladesh Economic Zones Authority.
In last March, Singer Bangladesh approved a budget for establishing a new manufacturing facility in order to increase its manufacturing capacity. The land would be used for that purpose.
The budget approved by the board of directors was of around €71 million, equivalent to Tk 680 crore, according to another disclosure posted on the Dhaka Stock Exchange (DSE) website that month. The investment will be financed from internal sources, bank financing and foreign and local borrowing.
The company has reserves and surpluses of Tk 241 crore, according to the DSE data. The proposed manufacturing facilities would cater to the increasing local demand with a competitive price and would also contribute to the company's growth, it added.
Singer's sales rose 6 per cent year-on-year to Tk 1,577.63 crore in 2021.
Meanwhile, its profits however dropped 35 per cent to Tk 51 crore, according to its annual report. Stocks of Singer Bangladesh remained almost unchanged at Tk 167.50 yesterday.
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