Regarding the investment, Paban Chowdhury, executive chairman of the BEZA said foreign investors have realized that Bangladesh is a suitable destination for investment
The leading brand in the country's paint market, Berger Paints Bangladesh Limited will invest Tk250 crore in Mirsarai Economic Zone in Chattogram.
Bangladesh Economic Zones Authority (BEZA) has allocated 30 acres of land for Berger. The UK-based company now has two factories in the country.
The BEZA executive member Md Harunur Rashid and chief financial officer of Berger Paints Bangladesh Md Abdul Khaled signed the land handover agreement on behalf of their respective organizations at at Dhaka’s Radisson Blu Water Garden hotel yesterday.
Chief Coordinator (SDG) of the Prime Minister's Office Md Abul Kalam Azad attended the ceremony as the chief guest, BEZA executive chairman Paban Chowdhury presided over.
Managing director of Berger Paints Bangladesh Rupali Chowdhury said: "Initially, Berger Paints will invest Tk250 crore to set up the unit. Under the new project, Berger will set up an emulsion plant, a resins plant, and a central raw material warehouse. The unit will mainly produce water- and solvent- based paints.”
“It will be a strategic initiative for the future business plan to explore export opportunities in the future,” said Chowdhury.
Regarding the investment, Paban Chowdhury, executive chairman of the BEZA said foreign investors have realized that Bangladesh is a suitable destination for investment.
Berger Paints Bangladesh, an 'A' category company, was listed with the stock exchanges in 2006.
The company's sponsor-directors hold 95% shares, institutions 1.85%, foreign shareholders 1.55% and general public 1.60% as of September 30, 2018.
The company's share price closed at Tk1225.70 each on Monday, with a marginal rise of 0.71% or Tk8.70 on the DSE.