The board of directors of Nahee Aluminum Composite Panel has decided to invest Tk 270 million in a project to manufacture five types of products.
The five products are cross tee, main tee, wall angle, runner for aluminum ceiling and UPVC ceiling.
The manufacturing project will generate an additional yearly revenue of Tk 250 million, said the company in a filing with the Dhaka Stock Exchange (DSE) on Thursday.
The company will import new machinery for the project from China and Taiwan, said Mohammad Jahurul Islam Sheikh, company secretary of the Nahee Aluminum Composite Panel.
"The new project is expected to go into operation by July 2023," Mr Sheikh told the FE.
About the source of funding, he said they are working on it. The funds may be borrowed from banks, he added.
Despite the investment news, the company's share price dropped by 4.37 per cent to close at Tk 72.30 each on the Dhaka Stock Exchange on Thursday. Its shares have traded between Tk 37.80 and Tk 80 in the last one year.
Listed in 2017, the company disbursed 10 per cent cash dividend for the year ended on June 30, 2021. In 2020, it provided 8.0 per cent cash and 7.0 per cent stock dividend.
The company's earnings per share (EPS) soared 47 per cent to Tk 2.41 for July 2021-March 2022 as against Tk 1.64 for July 2020-March 2021.
The net operating cash flow per share (NOCFPS) was Tk 1.56 for July 2021-March 2022 as against Tk 1.60 for July 2020-March 2021.
The net asset value (NAV) per share was Tk 18.78 as on March 31, 2022 and Tk 17.38 as on June 30, 2021.
Currently, the company's paid-up capital is Tk 683.60 million, authorised capital is Tk 1.20 billion and total number of securities is Tk 68.36 million.
Sponsors hold 39.58 per cent stakes in the company, institutions 13.30 per cent and the general public the remaining 47.12 per cent as of July 31, 2022, according to DSE data.
Nahee Aluminum, located at Sreepur in Gazipur, is the pioneer of Aluminum Composite Panel (ACP) manufacturer in Bangladesh, according to the company's official website.
