Esquire Knit Composite to invest to set up green factory in Mymensingh

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Esquire Knit Composite Ltd, a sister concern of Esquire Group, plans to invest Tk. 576.63 crore to set up a green factory at Bhaluka in Mymensingh.

Kamal Munasinghe, CEO, Esquire Knit Composite Ltd. said, “The Company will raise Tk. 150 crore from the capital market through the book building method. Esquire Knit will use Tk. 100.42 crore for building construction and the rest for buying machinery”, he added.

He also said, “The company will take a loan of Tk. 346 crore from International Finance Corporation and the directors of Esquire Knit will provide Tk. 86 crore.”

Figure: Esquire Knit Composite Ltd.
Figure: Esquire Knit Composite Ltd.

Currently, the company’s paid-up capital is Tk. 100 crore, which will be increased to Tk. 150 crore after the collection of the IPO proceeds. Esquire Knit Composite Limited was established in 2001. The knitting unit of the company has a capacity of producing 20 tons of knit fabrics a day.

Esquire Group currently employs over 8,000 people, serving customers of European and American Chain stores, Fashion Brands and Super markets.

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