BPPL Holdings to commission new plant, expansion by 1Q17View(s):
Brush manufacturer and exporter of sanitary maintenance tools, BPPL Holdings Ltd (BPPL) which started trading on the Colombo Stock Exchange (CSE) recently will commission its synthetic yarn plant (to manufacture polyester yarn) within a few months, officials said.
The company is also set to expand its monofilament plant as well during the same time, they added.
BPPL Managing Director Dr. Anush Amarasinghe told the Business Times that they already placed orders for the machinery and that both will start happening by 1Q next year. He said that they will set up a Rs. 675 million expansion and also build their factory to make this polyester yarn which will be supplied to garment manufacturers. This will help save the country many dollars, he said noting that now the garment exporters import them.
‚ÄúThis is just the beginning; our future prospects are extremely bright. We are engaged in an industry with tremendous potential and will continue to strive ahead in a way that will help create further potential. We will uphold the confidence placed in us, with each step, adding greater value and contributing to the benefits of all our stakeholders,‚ÄĚ Dr. Amarasinghe told the gathering at the recent trading launch. BPPL’s IPO for 30.7 million shares at Rs.12 per share was oversubscribed on March 7.
He told the Business Times that they saw a 50 per cent growth in sales locally and Indonesia combined during the past 11 months.
BPPL is one of Sri Lanka‚Äôs largest brush manufacturers and exporters of sanitary maintenance tools customised for household, professional, commercial and industrial cleaning applications. With over 30 years of brush-ware manufacturing and marketing experience, the company is among the top brush makers in the world.
The global brush export market is worth US$6.5 billion and the Beira Group is the largest producer in the Southeast Asian region. BPPL will be accessing the South East Asian nations ‚Äď Malaysia, Thailand, Singapore and the Philippines markets by next year.¬†- DEC