Orion Lab to go public, set up pharma and power plants

Orion Laboratories Limited, a member company of one of the largest business conglomerates of Bangladesh, ORION GROUP signed an issue management agreement with the ICB Capital Management Limited (ICML) recently.

The ICML will work as an issue manager of Orion Laboratories Limited for issuing initial public offering (IPO) through Book Building Method.

Mohammad Obaidul Karim, managing director of Orion Laboratories Limited and Mohammad Abdur Rauf, chief executive officer (CEO) of ICML signed the agreement on behalf of their respective companies.

It is worth mentioning that Orion Laboratories Limited has decided to collect money from the general investors issuing shares to set up a world class pharmaceutical plant in Bangladesh. This new plant will be the biggest in the pharmaceutical sector of Bangladesh in terms of investment, covered area, number of varieties of dosage forms to be produced as well as superb in terms of pharmaceutical technology, waste management, monitoring system and eco-friendliness. The facilities of this plant will be created in accordance with the “Current Good Manufacturing Practices” standards of International regulatory authorities like US FDA, UK MHRA, Health Canada, Australian TGA etc.

In addition to manufacturing conventional products, this new plant will have dedicated facilities for manufacturing cephalosporin, biological products including blood products, probiotics, vaccines, hormones, anti-cancer and other biotech products.

Moreover, the money collected through IPO will be used to set up 200mw power plant under the purview of Orion Laboratories Limited which will be added to the national grid by March of next year.

Right now share market faces high demand of good shares and Bangladesh Government is also trying to help with the logistic support to float new shares in the market.

In this respect, Orion Laboratories Limited will fulfill the demand to the shareholders to some extent.

Source: The financial express, 26 October, 2010

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