Renata to purchase land for factory expansion
The land will cost Tk51 crore excluding registration and incidental costs
Renata Limited – a manufacturer of pharmaceuticals and animal health products – will acquire 560 decimals of land at Rajendrapur in Gazipur for factory expansion.
According to a disclosure by the company on the Dhaka Stock Exchange (DSE) website on Wednesday, the land will cost Tk51 crore excluding registration and incidental costs.
Besides, as per an order of the High Court, the company decided to hold an extraordinary general meeting (EGM) on 16 April to approve the merger of its two subsidiaries – Renata Agro Industries and Purnava Ltd.
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On 27 February, Renata decided to merge its two subsidiaries – in a move to cut operational costs – on approvals from the High Court and other concerned regulatory authorities.
Renata Agro is engaged in agro-processing and poultry feed businesses, while Purnava markets consumer goods.
From July to December 2021, Renata Ltd made a profit of Tk271 crore, which was Tk244 crore in the same period of 2020.
In the October-December quarter of fiscal 2021-2022, the drugmaker posted a 7% growth in revenue and 14% in profit.
During the period, its profit stood at Tk134 crore, which was Tk118 crore a year ago.
Renata Ltd started its operations in 1972 as Pfizer (Bangladesh) Limited.
In 1993, Pfizer transferred the ownership of its Bangladesh operations to local shareholders and the name of the company was changed to Renata Limited.
It got listed on the DSE in 1979 and currently exports drugs to 27 countries.
Till 31 January 2022, sponsor and directors held 51.27%, institutional investors 19.43%, foreign investors 22.88%, and general investors 6.42% shares in the company.
Its shares were last traded at Tk1,354.2 each at the DSE on Wednesday.
