GQ Ball Pen plans land selling to pay off bank loan
Once a giant pen producer, GQ Ball Pen Industries Limited, has decided to sell off land to repay a bank loan in hopes of reviving the business from economic fallout.
According to the company's statement filed with the Dhaka Stock Exchange (DSE), the company plans to sell a piece of land in Chattogram at Tk3.45 crore. The amount will be utilised for adjusting liability to Southeast Bank Limited of Tk1.16 crore and the rest of the amount will be used on a priority basis.
GQ Ball Pen sells its products under the flagship brand "Econo".
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The company witnessed a downfall of business over a decade after it failed to adopt new technologies to sustain in the competition.
GQ Ball Pen got listed at the DSE in 1986.
The land sale-off decision on Sunday hiked its share price by 2.94% on the DSE trading floor. Each share of the company was traded at Tk80.60 during the early session till 10.30am.
