Berger Paints has signed an agreement with Promat Fire and Insulation Private Ltd, a leading supplier of fire retardant coatings, to launch fire retardant coating solutions in Bangladesh.

Therefore, the listed multinational paint manufacturer can now import, produce and distribute fireproof expansion products in the country.

“Bangladeshis lack the awareness and protection tools to prevent workplace fires,” said Mohsin Habib Chowdhury, senior general manager of sales and marketing at Berger Paints Denmark.

"Since Promat is a global leader in providing flame retardant products, we have reached an agreement with them to bring their internationally certified products here," he added.

Chowdhury went on to say that these products are industrial demand.

After the fatal fire at the Narayan Ganj Hashim Food Factory on July 8, fire prevention has become a major concern for local industries.

"These products can help the steel structure stay in a fire for about two hours, giving the fire department enough time to extinguish it," he said.

Berger Paints will be equipped with the means to produce these products locally through technology transfer, while other products with less demand will be imported.

The company plans to launch its new flame-retardant product line starting in January next year, because some preparations need to be done before starting production.

"We will also work hard to increase fire safety awareness because people don't know enough about fire protection solutions," Chowdhury said, adding that they will work with the government to provide these products at competitive prices.

The listed paint manufacturer disclosed this information through the Dhaka Stock Exchange website yesterday.

According to the agreement, Berger Paints will become the importer and distributor of Promat products in Bangladesh. The disclosure stated that Jenson & Nicholson (Bangladesh), a wholly-owned subsidiary of Berger Paints, will become Promat's exclusive agent in the country.

On the same day, the company disclosed its financial information for the year ended March 31, 2021.

It also announced a cash dividend of 375% this year. Compared with the previous fiscal year, the company's earnings per share increased by 11% to 58 taka.

However, the share price of Berger Paints fell 5% to 1,780 taka yesterday.

Its net income increased to 16.67 million taka in the 2020-21 fiscal year, compared with 16.21 million taka in the same period last year.

In the same period, the company's profit was 2.54 billion taka, compared with 2.29 billion taka the previous year.