Tosrifa Industries has partially started commercial operation of expanded dyeing unit of the company with initial public offering (IPO) fund located at Shreepur in Gazipur.
Tosrifa, a flagship of Northern Tosrifa Group, had raised Tk 638.72 million through IPO for expansion of its business in early 2015.
“The board of directors of the company has decided to commence the partial commercial operation of BMRE dyeing unit of the company located at Beraiderchala, Shreepur, Gazipur with effect from November 30, 2017,” said a statement posted on the Dhaka Stock Exchange (DSE) website on Sunday.
On October 10, the company informed that it has conducted a board meeting regarding revised time schedule for commercial operation of expanded dyeing project financed with IPO fund.
The company said it has already utilised the full IPO fund for expanded TIL-BMRE Green Dyeing Project in accordance with the proper expense heads as per 14th annual general meeting approved agenda.
After completion of civil construction, machinery erection, and necessary utilities connections, some of production facilities of the project are now under trial operation.
To start full-fledged commercial operation, it is still waiting to receive approval from relevant authorities like bond customs for importing raw material, DoE certificate for environment clearance etc.
The board of directors of the company has decided that after getting all approvals from the concern authorities and fine-tuning of all the machineries installed, commercial production will be started by November 2017 which was scheduled by September 2017 earlier.
The meeting also decided to place this two months delayed issues on next shareholders meeting (which will be held within December 2017) for post facto approval.
Each share of the company, which was listed on the Dhaka bourse in 2015, closed at Tk 27.30 on Thursday last at DSE.
Tosrifa is a 100 per cent export oriented knit apparels manufacturer in Bangladesh. It was established in the year of 2002 at Tongi, Gazipur, according to company’s website.
