Star Adhesives Limited, a subsidiary of Partex Star Group, has unveiled plans to issue a Tk50 crore convertible bond aimed at fueling business expansion and refinancing bank loans. The bond, disclosed on the Dhaka Stock Exchange website, will remain unsecured and fully convertible or redeemable over a six-year period, featuring a one-year moratorium. The issuance is contingent on shareholder approval through an online extraordinary general meeting slated for September 24, 2023, with the record date set for August 24.
Established in 2013 and listed on the SME platform in 2022, Star Adhesives specializes in manufacturing a diverse range of products including adhesives, lubricants, lacquer, spray paint, silicon, brake oil, and grease. These materials serve as vital components for industries spanning boards, doors, leather, footwear, plastics, household goods, and paints within the country. With an impressive average industry growth rate of 30% in Bangladesh’s adhesive sector, key players like Star Adhesives, Pidilite Industries, RFL, Berger Paints, Fast Group, and Bengal Group continue to drive innovation and economic progress.