News Briefs(11-3-2019)

VFS sets up new machinery from IPO fund

VFS Thread Dyeing has utilised 100 per cent of its IPO fund and successfully implemented the set-up of its new machinery. The new machine will increase the production capacity of the project by 1,972,071 lbs per year, said a disclosure posted the Dhaka Stock Exchange (DSE) website on Sunday. Sales revenue of the company will be above 1.35 billion per year (approximately) and Tk 220 million profit after tax at optimum utilisation level, according to the discourse. Before installing the machine, the company had 4,382,380 lbs per year production capacity, it said. The company raised a capital worth Tk 220 million by floating 22 million ordinary shares last year for purchasing plant and machinery, repay bank loans and bear the IPO expenses. The machinery is automatic brand New Thread Manufacturing Machine with Korea and Germany being the countries of origin, said the disclosure.— FE Report

BRAC Bank, TARA customers to enjoy facility at VIBES Healthcare

BRAC Bank Limited and VIBES Healthcare (Bangladesh) PVT. Ltd, a leading weight management, beauty and laser clinic in Bangladesh, have signed a partnership agreement to provide special privileges for the bank's Bank Premium Banking and TARA customers. Under the agreement, VIBES Healthcare will provide up to 50 per cent discount on services & exclusive packages to BRAC Bank Premium Banking Debit, Signature & Platinum Credit Cardholders and TARA debit & credit cardholders and employees of the bank. — Statement