Zaheen Spinning to set up polymer unit

Zaheen Spinning Limited, a Narayangonj-based cotton yarn manufacturer, will set up a subsidiary company named Zaheen Polymer Ltd, the company said in a web post on the Dhaka Stock Exchange (DSE) Tuesday.
Zaheen Spinning to make 51 per cent investments in the shares for establishing the subsidiary with an authorised share capital of Tk 10 million divided into 1,000,000 ordinary shares of Tk 10 each.
The tentative project cost, annual turnover, net profit after tax (NPAT) is Tk 200 million, Tk 270 million and Tk 82.30 million respectively, said the web post.
As a result, net profit after tax of Zaheen Spinning will go up by Tk 42 million and the tentative time for commencement of production is June 2016, the web post said.
Zaheen Spinning, the textile sector company, made trading debut on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) in March this year.
Using the fixed price method, the yarn manufacturer floated 12 million ordinary shares of Tk 10 each and raised a fund of Tk 120 million from the public.
Presently, the company's authorised capital is Tk 1,000 million and paid-up capital Tk 745.2 million, according to the DSE web site information.
The company's total number of securities is 74,520,000. The company disbursed 15 per cent stock dividend for the year ended on December 31, 2014.  
Of the total shares - 44.39 per cent own sponsor-directors, 38.94 per cent institutions and 16.67 per cent general public.
Each share of Zaheen Spinning Tuesday traded at Tk 28.8 and Tk 31.8 before closing at Tk 31.1.
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