Listed company Olympic Industries PLC has decided to purchase land in Narayanganj’s Araihazar to expand its production operations in the future, according to the Dhaka Stock Exchange (DSE).

The company’s board approved the purchase of 102 decimals of land in the Brahmandi mouza under Araihazar police station at a total cost of Tk 2.295 crore.

The land will be purchased from Jaman Mia, Md Moniruzzaman Bhuiyan and others in the name of Olympic Industries PLC.

The company said the land will be used to construct facilities required for expanding its production activities in the future.

Olympic Industries will also bear all VAT, taxes, registration fees and other related expenses associated with the land purchase.