Olympic Industries to set up new unit for producing cookies - Share market analysis of dhaka stock exchange, Bangladesh

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05 May, 2016 10:04 AM Source: Dhaka Tribune

 Olympic Industries Limited – a leading consumer goods manufacturing company in the country – yesterday said it has decided to set up a new manufacturing unit for producing premium varieties of cookies at a cost of Tk13.3 crore.

The new unit will be its ninth production line, which will have an estimated annual capacity of 7,200 metric tons.

“The company has decided to import a new cookie line, complete with ancillary and packing machinery from Italy and India,” the company said in a filing with the stock exchanges.

Of the total cost, the company itself will provide some portion of the project cost and the rest will be taken as loan from bank to finance the project, according to the filing.

The news hit the stock exchange during the trading hour, which gave a boost to its stock price. At the Dhaka Stock Exchange, it rallied 2.6% to Tk310.6 a share.

The company is currently the market leader in the biscuit market and second in the battery market of Bangladesh, according to the company website.

Starting with steel production dating back to 1,950, Olympic has steadily diversified over the years into various consumer goods including biscuits, confectioneries, batteries and ball pens. In 2008, the company merged with its another concern Tripti Industries for adding strength to its production under the same name of Olympic Industries.

The company along with its group of affiliated companies and sister concerns spans across several key industries including pharmaceuticals manufacturing, power generation, agriculture, trading, investing, information technology and film production.

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