IFAD Autos to invest Tk 31.81m

FE Report

IFAD Autos will invest Tk 31.81 million for the company's future expansion of business.

The company's board of directors has approved the proposal of business expansion, according to a disclosure posted on the website of Dhaka Stock Exchange (DSE).

As per the board's approval, IFAD Autos will purchase a land measuring area of 199 decimals situated in Jessore.

Total cost of purchasing land will be Tk 31.81 million including registration, land and building development cost.

"This land will be used for the future expansion of the business of the company," said the disclosure of IFAD Autos.

IFAD Autos, presently an 'A' category company, was listed on stock exchanges in 2015.

The company's sponsor-directors hold 54.87 per cent shares, institutes 26.92 per cent, foreigners 0.08 per cent and general shareholders 18.13 per cent as on October 31, 2021.

The company's share price closed at Tk 48.90 each on Thursday with a rise of 2.73 per cent or Tk 1.30 on the DSE.

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