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BSEC Approves 250% Stock Dividend for Himadri’s instead of 700%

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Himadri

The Bangladesh Securities and Exchange Commission (BSEC) has granted approval for a 250% stock dividend, a reduction from the initially declared 700%, for Himadri Limited, an SME platform company under the Ejab Group. The company had earlier announced a record dividend of 700% stock and 10% cash for the fiscal year 2022-23. An anonymous official from the company revealed that the BSEC approval was obtained after applying for consent, and the company has now sought a review of the decision by submitting the required documents.

The company’s objective was to increase its paid-up capital, aligning with BSEC requirements for transitioning to the main market. Failure to consider this adjustment might result in a delay in the process of entering the main market, the official expressed. The company is set to hold its annual general meeting on December 27, with a record date of December 21.

The stock dividend, sourced from retained earnings rather than capital or revaluation reserves, proposes to provide shareholders with seven new Himadri shares for each existing share, effectively increasing the paid-up capital sevenfold from its current Tk75 lakh. The last closing share price of the company was Tk6,999 on the Dhaka Stock Exchange.

Established in 1974, Himadri Limited specializes in offering cold storage facilities for agro-based products, primarily potatoes, with six potato cold storage located in various regions. The company transitioned to the SME platform in September 2021 from the over-the-counter market, where its shares were last traded on March 8, 2014.

According to price-sensitive information, the company’s earnings per share witnessed a 43% year-on-year increase, reaching Tk7.62 by the end of FY23.

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Beximco Taps Iqbal Ahmed as New Managing Director

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Beximco

Beximco Pharmaceuticals has announced the appointment of Iqbal Ahmed, a current director, as the new managing director for a five-year term.

hmed, who has been serving on the board since 1985, will assume the role pending approval from shareholders at the upcoming annual general meeting. The move follows the resignation of the company’s former managing director, Nazmul Hasan, who stepped down from the position after assuming a ministerial role in the government.

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6 More Companies to Enter ‘Z’ Categories Starting Tomorrow

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Starting tomorrow, Monday (March 4), shares of six companies will be transferred to the ‘Z’ category on the Dhaka Stock Exchange, as directed by the Bangladesh Securities and Exchange Commission (BSEC).

The decision stems from various factors, including the failure to host the annual general meeting, production shutdown for over six months, and many other reasons.

However DSE mentioned two companies from the textile sector, two from the pharmaceutical and chemical sector, one from the financial sector, and one from the insurance sector. The affected companies are Prime Textile, Prime Finance, New Line Clothings, Far East Islamic Life Insurance, AFC Agro Biotech, and Active Fine Chemicals Limited. The ‘Z’ category is typically assigned for companies facing financial troubles or regulatory issues, signaling caution for investors.

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Grameenphone’s Stock Plunge 8.72% after Lifting Floor

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The stock of Grameenphone (GP) experienced a significant decline of 8.72% immediately after the removal of the floor price restriction.

According to the directive of the Bangladesh Securities and Exchange Commission (BSEC), the floor price restriction on shares of Grameenphone Limited is set to be lifted from today, March 3rd.

Yesterday, GP shares were traded at Tk286.60 each. However, Today, experiencing a drop of Tk25.00 from the opening price at the Dhaka Stock Exchange (DSE). The session witnessed the exchange of a total of 7 lakh 43 thousand 710 shares, amounting to Tk19 crore 46 lakh.

This downturn in GP stocks had a notable impact, resulting in a decline in the key index DSEX, settling at 6,215 by the end of the day trading. The Bangladesh Securities and Exchange Commission (BSEC) had earlier issued a directive to withdraw the floor price restriction on Grameenphone stocks on 3 March. The floor price is the lowest set by the securities regulator, determining the minimum price at which a stock can be traded. In January, the BSEC lifted the floor price for most stocks, 18 months after its introduction.

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