Square Pharmaceuticals Ltd, the country's biggest drug maker, has announced today its plan to invest Tk 400 crore for expansion.

The funds would be used for BMRE (Balancing, Modernisation, Rehabilitation and Expansion), and the purchase of capital machinery and land for the future expansion of its business.

Square Pharma is the flagship company of one of the leading conglomerates in Bangladesh, Square Group. The company has been in operation in the pharmaceutical sector since 1958 and produces a vast range of drugs for both local and international markets.

The board of Square Pharmaceuticals approved the investment decision at a meeting on October 23, where they also recommended a 105 percent cash dividend for the shareholders for the year that ended on June 30.

Square Pharmaceuticals posted a revenue of nearly Tk 1,898 crore in the last financial year, registering a year-on-year growth of 4.5 percent from Tk 1,819 crore in the previous year.

Earnings per share increased from Tk 20.48 a year ago to Tk 21.41, it said in a disclosure on the DSE.

Shares of Square Pharma declined to Tk 209.8 at 12.02 pm on the Dhaka Stock Exchange today.