Courtesy: Regent Textile Mills
Regent Textile Mills Limited, a unit of Habib Group that manufactures and exports woven fabrics, is set to build a textile mill and an apparel factory worth taka 179 crore, out which taka 125 crore will be raised through the Initial Public Offering (IPO) in order to expand its production, according to Bangladeshi media reports.
Salman Habib, managing director, Regent Textile, said, “Expansion of the textile unit will more than double its production capacity.”
The current unit produces 40,000 metres of woven fabrics every day, while the new unit is expected to produce 1,00,000 metres daily, added Habib. He also said that the company exports its products to European countries at present and plans to enter the US market.
The company recently held its IPO lottery ceremony allocating 50 million shares among successful investors in Chittagong. The lottery programme was held to allocate ordinary share of taka 10 each and a premium of taka 15 was allotted to successful subscribers. The IPO subscription was oversubscribed by about 6 times.
Regent Textile Mills Limited is an export oriented textile mill offering complete process line from weaving to finishing of readymade garment fabrics and home furnishing products. The company exports products to countries like Sweden, Norway, Germany, Switzerland, France, and Czech Republic. (HO)