Hamid Fabrics to set up yarn dyeing unit

Hamid Fabrics, a concern of Mahin Group, will invest Tk 70 crore to set up a yarn dyeing unit with a capacity of producing 15 tonnes of dye a day to meet the growing demand.
The company will buy 50 Air Jet loom machine to set up the unit that will start production in the third quarter of 2015.
The company raised Tk 105 crore from public in August, and after raising capacity it will spend the rest of the fund to pay bank loans, said Abdullah Al-Mahmud Mahin, managing director of Mahin Group.
Using the fixed price method, the textile company floated three crore ordinary shares of Tk 10 each at an offer price of Tk 35, including Tk 25 as premium.
The company topped the turnover chart yesterday with 81.86 lakh shares worth Tk 49.96 crore changing hands, followed by Beximco Pharma, Keya Cosmetics, Beximco and Titas Gas.
The share price of Hamid gained 60.28 percent from its offer price to close at Tk 56.1 on trading debut yesterday.
The company, which can produce 30 million yards of finished fabrics a year, supplies fabrics to American clothing brands such as Van Heusen and Abercrombie and Fitch, Mahin said.
European brands such as H&M, Marks&Spencer, Timberland, Jack & Jones, s.Oliver, Esprit, Zara, C&A and many more also buy fabrics from the company, he said.
Japanese buyers have also been added to the company's portfolio recently, he said.     
The annual turnover of the company, which has its production facility at Shilmandi, Narshingdi, stood at Tk 21.99 crore in 2013-14.
The factory, which is running at an overall utilisation rate of around 78 percent, has a unit for weaving and another for dyeing and finishing.
Presently, there are 37 listed textile and garment companies on Dhaka Stock Exchange.