MJL Bangladesh to invest Tk 214cr in Dhaka real estate with EC Holdings

MJL Bangladesh PLC (MJLBD) and EC Holdings Ltd will jointly invest Tk 214 crore in a commercial property in Dhaka.

The investment will be made on a 50:50 basis, with MJL citing the move as part of its future business expansion strategy.

The decision was approved by the board on September 30, the company said in a disclosure on the Dhaka Stock Exchange (DSE) website today.

Shares of MJL rose 0.31 percent to Tk 97 on the DSE as of 1:14pm.

MJL, which traces its origins to 1998, when Mobil Corporation (later ExxonMobil) partnered with state-run Jamuna Oil to form Mobil Jamuna Lubricants, reported a profit of Tk 41.29 crore in the January–March quarter, down 21 percent year-on-year.

As of August 31, sponsors and directors held 71.52 percent of MJL's shares, institutions 20.79 percent, foreign investors 1.96 percent and the general public 5.73 percent, according to DSE data.