Paramount Textile to increase investment in solar energy
The listed firm has previously invested in several solar projects
Paramount Textile PLC, a publicly listed firm in the stock market, is set to invest Tk29 crore in solar energy by acquiring a substantial stake in Paramount Solar Limited.
In a stock exchange filing, the textile firm said as part of its portfolio diversification, it would acquire around 2.90 crore ordinary shares of Paramount Solar at a face value of Tk10 each.
With the fresh investment, Paramount Textile's stake in the solar firm will increase to 99.99%, according to the disclosure.
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This is not the company's first investment in solar energy; it has previously invested in several solar projects as part of its diversification strategy. Some of these companies include Paramount BTrac Energy Ltd and Dynamic Sun Energy Pvt. Limited.
Today, its shares witnessed a slight decline by 1.94% to Tk45.60 apiece.
In February this year, the textile firm also decided to acquire 19,999 ordinary shares of Paramount Solar. It bought the shares from Paramount Holdings at Tk10 each with a total cost of Tk1.99 lakh.
In January, it decided to execute an agreement for acquiring 11% ordinary shares of Dynamic Sun Energy Private Ltd at Tk8.70 each share by total consideration of Tk1.21 crore.
The company owns a 100 MW Solar Power Plant located in Pabna, Bangladesh.
Paramount Textile previously owned 49% shares of Dynamic Sun Energy Private and after acquiring the shares its total holding will be 60% of shares of the company.
