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The board of directors of Deshbandhu Polymer Limited has acknowledged and approved the Memorandum of Understanding (MoU) signed between the company and an Indian company for exploring business plan, said an official disclosure on Monday.
Under the deal, Reform Packaging Pvt, which is situated at Gujarat in Indian, will be extending expertise to assess current operation status of Deshbandhu Polymer and recommend action plan to improve efficiency.
Reform Packaging will extend marketing support to facilitate export of Deshbandhu Polymer products, provide access to Deshbandhu Polymer to share best practices and operation resources.
The Reform Packaging will also participate in the planning expansion roadmap for Deshbanhu Polymer and consider investing in the company.
Both the company will jointly explore further engagement and investment possibilities within Bangladesh and beyond.
Deshbandhu Polymer, a “Z” category company, was listed on the Dhaka bourse in 2011.
The board of directors of the company has recommended 10 per cent stock dividend for the year ended on June 30, 2017.
The final approval will come during the annual general meeting scheduled to be held on 21 December.
Each share of the company closed at Tk 24.10 on Sunday at Dhaka Stock Exchange (DSE).
Paid-up capital of the company is Tk 557.87 million and its authorised capital is Tk 3.0 billion while total number of its securities is 55.78 million.
The sponsor-directors own 33.54 per cent stake of the company while institutional investors own 7.82 per cent and the general public 58.64 per cent as of November 30, 2017.
Deshbandhu Polymer is a manufacturer of the best quality PP woven bag in Bangladesh suitable for packing all types of food grain, wheat flour, Chemicals, Cattle feed, Fish feed, Sugar, Rice, Fertiliser and many more things that need packing.