Olympic Industries to buy land for expansion

Biscuits and bakery products manufacturer Olympic Industries has decided to buy a piece of land measuring 86 decimals keeping its future expansion in mind.

The listed company would purchase the land at a total cost of Tk 2.75 crore located at Lolati of Sonargaon upazila in Narayanganj -- just behind the biscuit and confectionery unit of the company.

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The company will have to spend Tk 28.89 lakh also as registration charges and other miscellaneous expenses, including fees for obtaining the certified copy of purchase deed. A mid-level official of the company, preferring anonymity, said the company will buy the land mainly for future expansion, not for keeping it idle.

However, the company does not still have any concrete plan for expansion, he added.

Stocks of Olympic Industries dropped 1.87 per cent to Tk 147 yesterday.