Public subscription for Sinobangla Industries Limited’s right shares is scheduled to begin on January 28 and will continue until February 15. To determine eligibility, the company has set the record date on January 9, with shareholders holding the company’s shares until that date considered eligible.
The Bangladesh Securities and Exchange Commission (BSEC) granted approval on December 12 for Sinobangla to raise Tk20.2 crore by issuing 1.01 crore right shares at an issue price of Tk20 each, including a premium of Tk10. 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 a quarterly earnings per share (EPS) of Tk0.31 and a net asset value per share of Tk28.65.
UCB Investment Limited is serving as the issue manager for the company. In the fiscal year 2022-23, Sinobangla recommended a 10% cash dividend, with an annual EPS of Tk1.73. The company’s factory houses two plastic bag manufacturing units—one catering to the local market and the other for exports.
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 Tk62.90 apiece on the Dhaka Stock Exchange on December 28.
