Deshbandhu Sugar Mills Ltd will invest Tk 1,000 crore to double the sugar production capacity to meet the growing local demand, reports Tbsnews.
The mill plans to go public to raise Tk 100 crore from the stock market to get financial aid for the expansion project and the rest will be arranged through loans.
A local investment bank City Bank Capital Resources Ltd has been appointed as a corporate adviser and issue manager for the initial public offering (IPO).
Engineer ABM Arshad Hossain, resident director of the group said, “We need Tk 1,000 crore to purchase modern machinery from the European market.”
The modernization of the factory is going on and in 2020 we have invested Tk100 crore for the same, he said.
He said the total raw sugar storage capacity of the mill is 50,000 tonnes and the existing storage is around 1,200 tonnes.
