Eastern Cables Limited is going to export wire to China worth $4.20 million.
The state-owned cable and conductor manufacturer has signed a deal with the China National Technical Import and Export Corporation in this regard, according to a disclosure published on the Dhaka Stock Exchange website on Monday.
The Eastern Cables, a subsidiary of the Bangladesh Steel & Engineering Corporation (BSEC), has been incurring huge losses.
Located in Chattogram, Eastern Cables Limited is the biggest cable and conductor manufacturer in Bangladesh. It produces PVC insulated and PVC sheathed single-core and multi-core low tension domestic cables. The production line also includes electric controls and aluminium conductors.
The company got listed on the Dhaka Stock Exchange (DSE) in 1986. In FY21, the company incurred a loss of Tk12 crore and failed to pay a dividend to its shareholders.
On the other hand, the China National Technical Import and Export Corporation was established in 1952 and became a wholly-owned subsidiary of China General Technology (Group) Holding Co Ltd in 1998 – a Chinese state-owned conglomerate spanning the areas of machinery manufacturing, pharmaceuticals, engineering contracting, construction and real estate, and technical consulting.