Olympic Industries Limited has decided 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 country’s leading biscuit manufacturer will import a new 1.80-metre width Cracker and Hard Biscuit Line, complete with Ancillary & Packing Machinery, Flour & Sugar Handling Systems and Gas Generator, etc. from Italy, China, Hong Kong, India and 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 metric tons per annum.
The company also aims to rearrange the total existing and upcoming production facilities to ensure production of around 129,656 metric tons of Biscuits and Bakery items per annum, said the disclosure.
The above-mentioned decisions from the board of directors 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.
Each share of Olympic Industries, which was listed on the DSE back in 1989, closed at Tk 173.50 on Sunday.
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.