Zaheen Spinning resumes production

Zaheen Spinning Limited has resumed production in full swing after repairing damages caused by two massive fires at its factory in Narayanganj.

Zaheen Spin informed DSE today 17th July on its official note –

” Refer to their earlier news disseminated by DSE on 15.07.2021 regarding resume partial production, the company has informed that it resumed its normal production from yesterday i.e. July 16, 2022, after completion of repairing, renovation, replacement and installation of new machineries in place of burned machineries. “

Earlier, in December 2019, a devastating fire at Zaheen’s factory impacted a heavy loss to the company.

Later in January 2021, the factory faced another fire incident.

In July 2021, the company repaired the damages, and returned to partial operation.

Settlement issues of insurance claims with Crystal Insurance caused a fund shortage and that delayed the renovation work of the damaged factory.

Finally, the company has claimed Tk10 crore from the insurance company against the damages for fire incidents.

Since 23 June, its share price gained 29% on the Dhaka Stock Exchange. On Sunday its share closing price was 13.2 taka each.

Data Source: Dhaka Stock Exchange