Metro Spinning, a concern of Maksons Group, plans to import 20 slab yarn machines from India in two phases to produce specialised yarn, as part of the company's effort to diversify products.
The equipment that makes specialised yarn for both knit and woven fabrics will be installed at a cost of $2.30 lakh (Tk 1.58 crore).
Metro Spinning made the plan last week, according to a web posting on the Dhaka Stock Exchange website.
The company that listed on the market in 2002 said it would be able to make an approximate 20 percent increase in turnover, thanks to new machinery that also increases profitability.
For the year to June 30, the company made net profit of Tk 2.60 crore with earnings per share of Tk 3.77.
The company also decided either to acquire a ready 100 percent export-oriented composite textile unit or to set up a new one with bank loan, which is subject to approval from shareholders at the 14th AGM set for December 28.
This will also help increase turnover and profitability of Metro Spinning, which produces around 45 lakh kilograms of yarn a year, according to the web posting.
The company also decided to use a Tk 31.05 crore fund raised through rights shares for loan payback, instead of setting up a new export-oriented composite textile unit.
Metro Spinning has two units, one for the local market and the other for export markets, where carded and combed knit cotton yarn of various counts is produced.
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