Evince Textiles Ltd announces BDT 70cr expansion plan
Photo Courtesy: ucarsentetik.com
One of the bigger names in Bangladesh’s textiles industry, Evince Textiles Limited has announced of a BDT 70 crore expansion plan to boost its production capapcity.
The company, engaged in the business of manufacturing and selling of 100 per cent deemed export-oriented yarn dyed woven fabric for renowned international brands and retailers, made the announcement through Dhaka bourse on October 8, 2018.
According to the announcement, Evince Textiles is going to invest BDT 70.37 crore to expand its production capacity by 50 per cent. Of the planned investment, BDT 55.41 crore will be financed through loan and the rest from its own coffer.
Anwar-ul Alam Chowdhury, chairman of Evince Textiles, reportedly said: “In order to make the investment from our own source, we decided earlier not to give any dividend despite making the profit. Now the production capacity can be expanded by 50 per cent. Earnings will grow in the future and investors will be happy.”
The company, which was incorporated as a private limited company in 1999 and later listed as a Public Limited Company in Dhaka Stock Exchange in 2013, announced on September 23 that it will not pay any dividend for the fiscal year 2017-18.
Currently, the company has a production capacity of over 1 million yards of cotton shirting fabrics per month. Their product range includes 100 per cent cotton yarn dyed shirting fabrics comprised of a variety of yarn counts: 30’s, 40’s, 50’s, 60’s, 70’s, 80/2’s and 100/2’s with a wide range of dobby designs as well as different types of weaves.
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