Stocks
Associated Builders to sell another 5.3m Mutual Trust Bank shares
Associated Builders Corporation Limited – a sponsor of Mutual Trust Bank – wants to sell another 53.17 lakh shares of the private sector lender.
Earlier, in August, the company – one of the top construction firms in the country – sold 24.37 lakh shares from its total holding of 1.88 crore shares of the bank.
Rashed Ahmed Chowdhury, a nominated director of the bank, bought the shares.
Currently, the construction company owns more than 1.63 crore shares of the bank.
From its existing holding, the company will now sell another 53,17,500 shares of the bank, according to a stock exchange filing on Monday.
Associated Builders said it will sell the shares at the prevailing market price in the block market through the Dhaka Stock Exchange within 31 October.
Established in 1972, the private limited company is involved in the construction of industrial projects, bridges, jetties, harbors, roads and all types of buildings.
Mutual Trust Bank got listed on the capital market in 2003. Its shares closed at Tk16.60 each on Monday.
In the first half of 2022, its net profit after tax increased to Tk133.66 crore, from Tk85.82 crore in the same period of the previous year.
In 2021, the bank registered a profit of Tk297.32 crore and paid a 10pc stock dividend to its shareholders.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
You must be logged in to post a comment Login