Olympic Industries Ltd, a leading biscuit manufacturer, announced yesterday that it has decided to purchase land worth Tk 17.03 crore in various locations in Sonargaon, Narayanganj, for future expansion.

The total amount of land to be acquired is 273 decimals, the company said in a filing with the Dhaka Stock Exchange (DSE) yesterday.

Olympic stated that it would acquire 84 decimals of land behind its Lolati factory for Tk 3.36 crore from five sellers at a rate of Tk 4 lakh per decimal.

Additionally, it will purchase 118.71 decimals of land near the same factory for Tk 11 crore.

Olympic will also buy another 35 decimals for Tk 1.4 crore from four sellers. Moreover, it will acquire 18.17 decimals for Tk 72.68 lakh from six sellers. Both acquisitions are priced at Tk 4 lakh per decimal.

Furthermore, the company will purchase 7.75 decimals for Tk 20 lakh from three sellers and 10.18 decimals for Tk 35.63 lakh. The latter purchase, under Changain Mouza, is priced at Tk 3.5 lakh per decimal.

The biscuit maker also stated that it would bear all registration costs, including VAT, tax, and other charges.

Olympic Industries reported a marginal increase in profit, reaching Tk 59.89 crore in the second quarter of the financial year 2024-25, up one percent year-on-year, according to the company's financial statement.

Shares of Olympic declined by 1.69 percent to close at Tk 151.10 yesterday on the DSE.