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Olympic likely to import new machinery worth Tk 420m

Published : Tuesday, 1 December, 2020 at 12:00 AM  Count : 192
Business Correspondent

Workers handle a product-laden trolley Olympic Industries Limited.

Workers handle a product-laden trolley Olympic Industries Limited.

Olympic Industries Limited is likely to import new types of machinery at an estimated cost of Tk 420 million to produce new premium varieties of Cracker and Hard Dough Biscuits to meet the growing demand.
The company, a leading biscuit manufacturer in the country has taken a decision in this regard and the machinery will be imported if congenial situation prevails.
The new 1.80-metre width Cracker and Hard Biscuit Line, complete with Ancillary & Packing Machinery, Flour & Sugar Handling Systems and Gas Generator, etc. will be imported from Italy, China, Hong Kong, India.
The company will also procure some items from the local sources, according to a disclosure posted on the Dhaka Stock Exchange website on Monday.
The listed food maker will finance the new project with its own funds and bank loans, according to the disclosure.
With the new machinery, the company will produce new premium varieties of Cracker and Hard Dough Biscuits of around 12,442 tonnes per annum.
The company also aims to recast the total existing and upcoming production facilities to ensure production of around 129,656 tonnes of Biscuits and Bakery items per annum, said the disclosure.
The decisions will help to control costs, stabilise and improve quality of products of the company, create capacity for high count varieties and to increase overall production capacity, according to the disclosure.
Its shares traded between Tk 128.40 and Tk 207.50 in the last one year.
The company declared a 52 per cent cash dividend for the year ended on June 30, 2020. In 2019, the company disbursed 50 per cent cash dividend.
The company's earnings per share (EPS) stood at Tk 2.85 for July-September, 2020 quarter as against Tk 2.79 for the same period of the previous year.
The company's paid-up capital is Tk 1.99 billion and authorised capital is Tk 2.0 billion, while the total number of securities is 199.93 million.
The sponsor-directors own 27.73 per cent stake in the company, institutional investors 17.06 per cent, foreign 39.78 per cent and the general public 15.43 per cent as on October 31, 2020, the DSE data shows.

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