Runner, Bajaj to create three-wheeler manufacturing facility in Bangladesh
Image collected
Runner Automobiles, a good listed company with the currency markets, is going to create a three-wheeler manufacturing facility in Bangladesh with the association of Indian automobile giant Bajaj Vehicle Ltd.
The Panel of Directors of Runner Automobiles is set to sign an agreement with the Indian company to create the plant with a cost of Tk 3.0 billion.
The Runner Vehicle informed that they can invest approximately Tk 3.0 billion, part of which is funded by IPO proceeds which includes recently been approved by the board of directors, shareholders and taken approval from Bangladesh Securities and Exchange commission.
Beneath the agreement, Runner will produce and distribute Bajaj’s RE 4S three-wheeler in Bangladesh and can take necessary technical support for localisation of parts and components, assembling and making of automobiles from Bajaj Auto.
This would be the first ever three-wheeler manufacturing set-up of a worldwide brand in Bangladesh, according to an announcement on the Dhaka STOCK MARKET (DSE) website on Wednesday.
By establishing the manufacturing facility with ensuring top quality, availability and affordable selling price, Runner’s occurrence in the three-wheeler market will be even more strengthened, the business hoped in the announcement.
The Runner Automobiles, which made trading debut on, may 21, this past year, raised a capital worth Tk 1.0 billion from the administrative centre market beneath the book-building method.
Each share of the business closed at Tk 58.80 on Wednesday in Dhaka bourse, losing 0.68 per cent over the prior day.
Its show traded between Tk 39 and Tk 80.80 within the last one year.
The company’s paid-up capital is Tk 1.13 billion and authorised capital is Tk 2.0 billion as the final number of securities is 113.53 million.
The sponsor-directors own 50.04 % stake in the business, as the institutional investors own 26.44 % and everyone 23.52 % as on July 31, 2020, the DSE info shows.
Started journey in 2000, Runner Automobiles manufactures 12 several types of motorcycles ranging between 80 CC and 150 CC. It has 15 per cent market share in the country’s vehicle industry. The business is marketing three-wheelers and four-wheelers of Bajaj Auto. The company can be exporting motorcycles to Nepal and Bhutan.
Source: https://thefinancialexpress.com.bd
Tags :
Previous Story
- PRAN earnings up, RFL down
- DSE flags off large-cap index
- Shakil Rizvi, Shahjahan elected DSE shareholder directors
- Stocks inch down in early trading
- Dhaka stocks return to positive
- Turnover tax from DSE falls 21% in November
- DSE profits hit 7-yr low on market woes,...
- Stocks expand picking up streak in the midst...