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BSEC Approves Yeakin Polymer’s Sponsor-Director Share Shift to Kapita

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Yeakin polymer bsec

The Bangladesh Securities and Exchange Commission (BSEC) has once again approved for the transfer of sponsor-director shares from publicly listed Yeakin Polymer Limited to Kapita Packaging Solutions Limited, a non-listed company.

Initially permitted in May 2022, the transfer faced delays as Yeakin Polymer failed to execute the transaction within the specified timeframe, rendering the BSEC’s consent time-barred and non-executable.

Subsequently, Yeakin Polymer reapplied to the commission for an extension of the approval, and on December 21, 2023, received the necessary consent to proceed with the off-market share transfer.

As outlined in the BSEC document, the new sponsor-directors are required to collectively maintain a minimum 30% holding at all times. The transferred shares will be locked in the beneficiary owners’ (BO) account, with no allowance for margin loans against them.

To facilitate the share transfer, the shares must be unblocked. Following the completion of the transfer, the shares will be relocked, preventing the new owner from selling them without prior regulatory approval.

Yeakin Polymer, engaged in the production of poly sacks, has faced challenges since 2018. In efforts to revive the company’s business, Kapita Packaging intends to acquire a 30.11% stake, equivalent to 2,21,93,745 shares, from the sponsor-directors of Yeakin Polymer at the face value of Tk10 each.

However, before selling the shares, the outgoing sponsor-directors of Yeakin Polymer must obtain no-objection certificates (NOCs) from various lenders owed nearly Tk34 crore by the company.

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Indices Negative Amidst Turnover Hikes

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dse bourse indices turnover dhak stock exchange stock market

Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.

503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.

The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.

Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.

Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.

Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.

DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.

A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka

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National Polymer Announce Their Dividends & Q2 Financials

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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.

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Beacon Pharma Declares Their Dividends

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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.

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