Paramount Textile to sell its shares of Meghna Bank
Paramount Textile PLC, a listed firm belonging to the Paramount Group, has decided to sell its entire holding of the Meghna Bank for Tk3 crore.
A general shareholder Imrana Zaman Chowdhury will buy the shares, says a disclosure published on the stock exchanges on Wednesday.
According to the disclosure, Paramount Textile holds 22,68,400 shares of the Meghna Bank.
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Md Robiul Islam, company secretary of Paramount Textile, told The Business Standard that their company has so many investment opportunities as it is involved in various sectors.
They are getting good returns too, he said.
"Considering all aspects, the company is selling the shares of the Meghna Bank. The money will be spent on the company's current development work," he noted.
The woven fabrics manufacturer Paramount Textile has recently invested in the power sector.
In November, the company had decided to spend $85.45 million on enhancing its production capacity.
As per company information, it wants to invest $70.45 million for BMRE (Balancing, Modernisation, Rehabilitation, and Expansion), and $15 million to set up a new fabric unit.
Paramount Textile was incorporated in 2006. It produces and delivers woven fabrics and more than 85% of its total income comes from yarn-dyed fabrics.
The company got listed on the stock exchanges in 2013. The company had paid 20% cash and 5% stock dividends in the fiscal 2021.
