Two listed paper companies of Magura Group are being merged with its two other companies to enhance their performance and product quality, explained the group yesterday.

Bringing them under the same management will ensure organisational efficiency, pooling of efficient human resources for growth, reduction in overheads and optimal utilisation of various resources, it said in a Dhaka Stock Exchange website disclosure.

Quality paper products such as offset, industrial grade and biodegradable ones have been targeted for production for export, it said.

This will increase turnover, create job opportunities and earn substantial foreign currency for the government exchequer, maximising yieldsfor shareholders, it said.

Last month Bangladesh Monospool Paper Manufacturing Company Limited announced of its decision to issue 2.37 crore ordinary shares for the Pearl Paper and Board Mills Limited while the Magura Group Paper Processing and Packaging 1.83 crore ordinary shares for Magura Paper Mills Ltd.

The paper industry is very competitive where survival is very tough without high efficiency, said a top official of Bangladesh Monospool Paper Manufacturing Company Limited.

So, the group is trying to give a boost to the businesses through the mergers, he said.