Malek Spinning to replace its worn-out machinery
Malek Spinning Mills Ltd, a concern of New Asia Group, has decided to replace some of its existing machinery being used in its mills located in Shafipur and Gazipur.
The move aims to replace and upgrade the worn-out machinery that has lost production efficiency. Some Tk106.64 crore will have to be spent for the replacements.
Funds will be collected from internal sources, bank loans and other sources, said the company in its disclosure.
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The company also informed us that the company's board of directors decided to postpone the implementation of their proposed project in Bhaluika and Mymensingh.
Malek Spinning produces export-oriented knit yarn. The last trading share price of the company on the Dhaka Stock Exchange (DSE) was Tk27.10 on Tuesday (4 April).
