Deshbandhu Sugar Mills Ltd is planning to go public to generate funds to expand its capacity by 50%, reports TBSNews.
The mill was set up in 1932 and was privatised in 1999. The mill now plans to expand its capacity before 2024.
Golam Mostafa, chairman of the mill said, “We will be increasing the capacity of the mill from 1,000 tonnes to 1,500 tonnes by the next 12-15 months.”
The cost of the project is yet to be finalized due to the volatility of the exchange rate and the company has already appointed a local bank City Bank Capital Resources Ltd to guide it further in launching an initial public offer (IPO).
“The sugar market in Bangladesh has grown at an average rate of 10% in the last two decades,” he further added.
