Paramount Textile to buy stakes in Intraco for Tk 18.5 crore

Paramount Textile Limited (PTL) has announced to acquire an 80 percent stakes in Intraco Solar Power Limited (ISPL), a Bangladesh-based renewable energy firm owned by the Intraco Group of Industries.

The new investment was made in accordance with the decision of PTL’s board meeting, the company said in a filing with the Dhaka Stock Exchange on Monday.

The PTL also agreed to buy Intraco CNG Ltd’s 29 percent stakes owned by the ISPL. The total value of both agreements will be around Tk 18.5 crore.When the news hit the market during the trading hour, the PTL’s share price increased to Tk 59.5 from Tk 58.2 a share. The company reported that its earnings per share or EPS was Tk 1.51 for July-September, 2020 compared to Tk 1.23 from a year earlier.

The Intraco Solar has been supplying 30 megawatts of electricity to the national grid since 2018 from its plant in Rangpur’s Gangachhara. In 2017, it had made an agreement with the Power Development Board on a “no electricity no payment basis” for up to 20 years at $0.16 per kilowatt hour.

The Intraco CNG Limited is involved in the conversion of Petrol and Diesel driven vehicles and has several conversion workshops in Dhaka and Chattogram.