The Bangladesh Securities and Exchange Commission (BSEC) granted approval to Sinobangla Industries Ltd on Tuesday to raise Tk20.2 crore through the issuance of 1.01 crore right shares.
The issue price for the right shares has been set at Tk20 each, inclusive of a Tk10 premium. Existing shareholders will receive one right share for every two shares held. The funds raised will be allocated for machinery acquisition and loan repayment. As of September 2023, the company reported quarterly earnings per share of Tk0.31 and a net asset value per share of Tk28.65. UCB Investment Limited is serving as the issue manager. S
inobangla Industries recommended a 10% cash dividend for the fiscal year 2022-23, with an annual earnings per share of Tk1.73. The company operates two plastic bag manufacturing units, catering to both the local and export markets. As of November 30, 2023, sponsors and directors collectively held 30.61% of the company’s shares, institutions held 4.51%, and general investors held 64.88%. Sinobangla’s shares closed at Tk70.1 each on the Dhaka Stock Exchange on Tuesday.
