Publicly traded company Sonali Paper and Board Mills Ltd has signed a deal with Chinese firm Zhangjiagang Fineness Aluminium Foil Co Ltd to set up an aluminum foil paper unit in Rupganj, Naraynganj.
Mohammad Younus, managing director of Younus Group and chairman of Sonali Paper, and Md Zahidul Alam, chief executive officer of IBN Corporation on behalf of Zhangjiagang Fineness Aluminium, signed the agreement on behalf of their respective sides in Dhaka on Sunday.
Aluminum foil paper machine, which is fully automated, can produce an average of 100,000 pieces of aluminium foil container boxes per day.
This will increase the annual sales of Sonali Paper by 25%, said Mohammad Younus, chairman of the company.
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Aluminium foil containers are used in family banquets and the packaging of food-related industries such as airline snack, western-style pastry baking, with the shape and size favored by the customer.
Meanwhile, industrial aluminium foil jumbo roll used in electronics, cigarettes, food packing industry etc.
"Aviation food packaging foil of all kinds of color and design is available, and we can coat, emboss, and slit according to clients' demand," Younus added.
Currently, Sonali Paper mainly produces white and printing papers, simplex papers and duplex papers.
The Sonali Paper and Board Mills started its business in1977 at Rupganj in Naraynganj and the company was listed with the Dhaka bourse in1985.
The company disbursed 5% cash and 10% bonus dividend, for its shareholders for the 2019-20 fiscal year.
The company’s paid-up capital is Tk18.3 crore, authorised capital is Tk50 crore.
The sponsor-directors own 72.06% stakes in the company while the institutional investors own 5.54% and the general public 22.40% as of April 30, 2021, the Dhaka Stock Exchange data shows.
