Asiatic Laboratories to build 32-storey tower in Dhaka

Asiatic Laboratories Ltd, a Dhaka-based pharmaceutical company, has approved the construction of a 32-storey building in Dhaka's Tejgaon commercial area.

The project, Time Square – Dhaka, will be built on 20 kathas of land at 159/A Tejgaon, according to a disclosure on the Dhaka Stock Exchange (DSE) website yesterday.

The company's board also approved a joint venture agreement between Asiatic Laboratories, which owns the land; Headroom Ltd of Bangladesh, the consultant for the project; and China State Construction Engineering Corporation, the construction partner.

Asiatic Laboratories operates a manufacturing facility in Tongi, about 15 kilometres north of the capital.

Its portfolio covers 80 generic molecules across therapeutic classes, including antibiotics, antihistamines, bronchodilators, vitamins, and minerals, according to its website.

As of August 31, sponsors and directors held 40.71 percent of the company's shares, institutions 18.88 percent, and the public 40.41 percent, DSE data showed.