Olympic Industries to invest in land, new company
The board approved an investment decision in land and subscription of ordinary shares in Tripti Industries on 19 January, which was disclosed through the stock exchanges on Tuesday.
With a view to future expansion of operations, Olympic Industries, a listed company in the food and allied sector, has decided to purchase 19.25 decimals of land at an agreed price of Tk57.75 lakh in Narayanganj.
The company has also decided to invest Tk20 lakh in Tripti Industries as a sponsor shareholder in the name of Olympic Industries.
The board approved an investment decision in land and subscription of ordinary shares in Tripti Industries on 19 January, which was disclosed through the stock exchanges on Tuesday.
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Land investment
Olympic Industries said its board approved the purchase of 19.25 decimal land under the mouza Madanpur-6 in Narayanganj district to undertake construction to accommodate future expansion of operations.
The purchaser, Olympic Industries, shall also bear the total registration costs, inclusive of value-added tax, taxes and other charges, the disclosure said.
Investment in Tripti Industries
The board of Olympic Industries has approved an investment of Tk20 lakh in Tripti Industries, divided into 2 lakh ordinary shares worth Tk10 each, as a sponsor shareholder in the name of Olympic Industries.
The proposed authorised capital of Tripti Industries will be Tk50 crore, divided into 5 crore ordinary shares of Tk10 each, while the paid-up capital will be Tk50 lakh, divided into 5 lakh ordinary shares of Tk10 each.
Previously, there was a listed company named Tripti Industries under the common management of Olympic Industries. In 2008, Olympic Industries and Tripti Industries merged, after which the business has been operating under the name Olympic Industries.
Regarding the investment in Tripti Industries, Mintu Kumar Das, company secretary of Olympic Industries, told The Business Standard: "The board has taken the decision to invest in Tripti Industries. The nature and business line will be decided after the completion of all formalities."
In FY25, Olympic Industries posted Tk2,772 crore revenue with a 6.91% growth year-on-year, and posted a profit of Tk201 crore, which was Tk183.40 crore in the previous fiscal year.
It had paid 30% cash dividend to its shareholders.
On Tuesday, its share price closed at Tk174.70 each at the Dhaka Stock Exchange (DSE).
