ML Dyeing Limited, a listed yarn dyeing of Far Group, will set up a factory in Gazipur to start its spinning business. The company will invest Tk62.58 crores for the business expansion. The new plant is expected to start operations in May this year. Currently, ML Dyeing is engaged in the dyeing business of yarns for export-oriented sweater companies.
AKM Atiqur Rahman, company secretary of ML Dyeing, said “We have already imported machinery for the new plant. Despite the countrywide lockdown, we hope that the new plant will start operations in May this year.”
The company sources said the new plant’s production capacity will be 16,500 kg yarn per day. The annual turnover of this plant will be Tk78 crore and net profit Tk12 crore. ML Dyeing entered the stock market in 2018. It was the third company of Far Group to be listed in the stock market. The other two companies are RN Spinning and Far Chemical Industries.
Of those, the production of RN Spinning was suspended following a fire incident – that took place in April 2019 – at the company’s factory. The fire damaged the factory and inventories worth over Tk600 crore and the company is still dealing with the insurer for compensation. The company was listed on the Dhaka Stock Exchange (DSE) in 2010, and has grown to a Tk392 crore enterprise in terms of paid-up capital through bonus and right shares issuance.