MJL Bangladesh plans Tk 95 crore expansion

Lubricating oil provider MJL Bangladesh PLC, a listed company, has announced plans to invest Tk 95 crore for business expansion.

In a Dhaka Stock Exchange (DSE) website disclosure today, the company said its board of directors had approved a memorandum of understanding with a seller to purchase 50 bighas of industrial land in Narayanganj.

The company will spend Tk 95 crore to buy the land for future expansion, subject to all documents related to the property being found transparent and legitimate, it added.

MJL Bangladesh PLC is a joint venture of EC Securities Limited, a subsidiary of East Coast Group, and state-owned Jamuna Oil Company.

Net sales of the company gained 20 percent to Tk 826 crore, according to the latest financial reports of three quarters of 2022-23. Profits soared 29 percent year-on-year to Tk 191 crore.

Its stocks dropped 0.44 percent to Tk 91.50 at the DSE today.