Premiaflex Plastics, a subsidiary of ACI Limited, will manufacture and market household plastic products including furniture and other allied plastic articles.
“The board of directors of ACI Limited has approved a plan of its subsidiary, Premiaflex Plastics, on Saturday where the company will manufacture and market household plastic products including furniture and other allied plastic articles,” said a disclosure posted on Dhaka Stock Exchange (DSE) website on Sunday.
ACI Limited, the parent company of Premiaflex Plastics and one of the largest business conglomerates in Bangladesh, has 87.32 per cent stake in the subsidiary.
The initial investment in this regard would be Tk 486.88 million with a projected sale target of Tk 1.301 billion in 2018-2019, Tk 1.893 billion in 2019-2020 and Tk 2.011 billion in 2020-21, according to the disclosure.
ACI established as the subsidiary of Imperial Chemical Industries (ICI) in 1968 and renamed as Advanced Chemical Industries (ACI) in 1992.
Since then, the company has expanded to areas spanning from pharmaceuticals, consumer goods, agri-business and farm machinery and organised retailing.
Currently, ACI operates through 14 subsidiaries and three joint ventures with 8,364 people working for the conglomerate.
Each share of ACI, which was listed on the DSE in 1976, was closed at Tk 404.70 on Sunday, losing 0.49 per cent over the previous session.
Premiaflex Plastics, a subsidiary of ACI Limited, was incorporated in 2008. The factory is located at Gazipur. Premiaflex Plastics is a growth oriented company, specialising in the manufacture in flexible packaging.
