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Asiatic Laboratories’ IPO share bidding to starts from Oct 10

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Asiatic Laboratories

Price bidding in the electronic subscription system (ESS), to determine the share price of Asiatic Laboratories Ltd, is scheduled to begin on 10 October and continue till 13 October, according to a Dhaka Stock Exchange (DSE) disclosure on Sunday.

On 31 August, the Bangladesh Securities and Exchange Commission (BSEC) allowed the company to determine the cut-off price of its shares through bidding by eligible investors – a requirement for going public under the book-building method.

Only institutional investors can participate in exploring the cut-off price of the company’s shares in the electronic bidding process. The cut-off price will be set based on bids submitted by investors.

Institutional investors are supposed to purchase the company’s shares at the cut-off price, while general investors can buy the shares at a 30pc discount.

The company wants to raise Tk95 crore from the capital market mainly to begin anticancer drug production.

It will use Tk58.05 crore for the acquisition and installation of machinery, Tk6.26 crore for factory construction, and Tk28 crore for repayment of bank loans.

Asiatic Laboratories is engaged in the production and marketing of biological, non-biological, and sterile products like tablets, capsules, syrups, creams, eye products, injections, and more.

Currently, the company produces 6 million tablets, 5 million capsules, 2 million injections, 1.5 million tube creams, and 1.6 million bottles of syrup every year.

Its annual revenues in fiscal 2020-21 grew to Tk145 crore from Tk119.6 crore five years ago.

Local merchant bank Shahjalal Equity Management is the issue manager and BMSL Investments is the registrar for the company’s IPO.

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Index on Negative, Turnover shows slight Gain on DSE

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Dhaka Stock Exchange DSE, Bourses on the first working day of the week, March 27, ended with price index  drops & turnover hikes.

This information is known from DSE sources.

317 crores 60 lakh shares were traded in DSE on this day. 30 crores 62 lakhs more trading was done in DSE today compared to the previous workday, 23 March, Shares worth Tk 286 crores 97 lakh shares were traded in DSE last time, Thursday.

The benchmark index DSEX dropped 11.38 points or 6,203. The Shariah-based index DSES shed 3.56 points or 1,349, and the blue-chip index DS30 lost 2.60 points or 2,215.

Of the issues traded, 28 advanced, 72 declined, and 183 remained unchanged.

Legacy Footwear Limited ranked top gainer on DSE, the share price increased by Tk 5.6 paisa or 9.96 percent. On this day, the share was last traded at Tk 61.80 paisa.

On the other hand, Islamui Commercial Insurance Company Ltd ranked top loser on the DSE, the share price dropped by Tk 1.3 paisa or 4.71 percent. On this day, the share was last traded at Tk 26.30 paisa.

DSE topped on trade Unique Hotel & Resorts PLC 41 crores 52 lakh 86 thousand takas of shares of the company have been traded.

A total of 52 companies’ shares were traded in the Block on Dhaka Stock Exchange, 25 lakh 74 thousand 877 shares of the companies were traded. The financial value of which is 18 crore 76 lakh taka.

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Salvo Chemical discloses Q2 Financials

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One of the listed companies, Salvo Chemical Industry Limited, discloses its financial reports for the second quarter, (October-December 22). This source is known from DSE.

The company’s earnings per share (EPS) was Tk 0.37 paisa in Q2 of the current financial year. EPS was Tk 0.80 paisa during the same period last year. As of December 31, 2022, net asset value (NAVPS) was loss of  Tk 15.42 paisa.

The company reported  EPS has been decreased due to increase in costs because of high raw material price in local and import prices, currency devaluation and increase in energy price which adversely affected overall profitability of the Company.

/NR

 

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Prime Islami Life Insurance releases its Dividends

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One of the Listed Companies, Prime Islami Life Insurance Limited has recommended 2 percent cash Dividend to its investors for the Financial Year ending December 31, 2022.

This source is known from DSE.

The Annual General Meeting (AGM) of the company will be held on May 29 through the digital platform. The record date for this has been fixed at April 17.

/NR

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