Pearl Paper plans to raise Tk 400m from stock mkt

| Updated: January 26, 2019 10:19:44

Pearl Paper plans to raise Tk 400m from stock mkt

Pearl Paper and Board Mills, a unit of BGD-Magura Group, has planned to raise Tk 400 million from the capital market using the fixed price method, officials said.

The company has decided to float 40 million ordinary shares at an offer price of Tk 10 each for raising the said amount for business expansion.

The Pearl Paper has recently signed an agreement with the issue managers - MTB Capital and Riverstone Capital in Dhaka.

Chairman of BDG-Magura Group Mustafa Kamal Mohiuddin, chief executive officer (CEO) of MTB Capital Khairul Bashar Abu Taher Mohammed and CEO of Riverstone Capital Ashraf Ahmed, were present among others at the signing ceremony.

The initial public offering (IPO) proceeds will be used for purchasing machinery, repay partial bank loans and bearing the IPO expenses, according to the issue manager.

Pearl Paper and Board Mills is a unit of BDG-Magura Group, established its factory at Sreerampur at Dhamrai in Dhaka with unique infrastructural facilities.

The company has been manufacturing writing and printing paper, offset paper, cartridge paper and ledger paper.

The Pearl Paper has made strategic move and emerged as one of the leading manufacturers of paper because of high quality the products have huge demand in the market.

Other concerns of the BDG-Magura Group are: Magura Paper Mills, Monospool Paper Manufacturing Company, Magura Recycled Paper Industries, Bangladesh Development Corporation, Paper Processing and Packaging, Bangladesh Development Company and Kores Bangladesh Ltd.

Magura Group has also planned to bring other concern in the capital market in near future.

After completing all produces, Pearl Paper will be the fourth company in the 'paper & printing' sector on the Dhaka Stock Exchange (DSE) which is accounting for 0.50 per cent of the total market capitalisation.

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