Stocks
3 companies share in extreme state, appear to be the top of foreign trusts
3 companies including BRAC Bank are at the top of the trusts for foreigners. Since these companies are at the top of foreign trust, share prices are relatively moving backward. Amidst, the shares of BRAC Bank hold the floor price from the previous month.
This information is known from Dhaka Stock Exchange (DSE) sources.
According to the sources, BRAC Bank is the most trusted by foreigners from the listed companies. A total of 35.21pc shares in the company are held by foreigners.
Plus, 3 companies in the banking sector adding BRAC Bank are in the top ten of the trust of foreigners. Those are – Islami Bank and City Bank. Foreigners have 22.59pc investments in Islami Bank and 4.77pc investments in City Bank.
Amidst the companies that are at the top of the trust of foreign investors, those institutions in the banking sector are the slowest in share price. Although there is 35.21pc foreign investment in BRAC Bank, the share is currently trading at 38 taka 50 paisa. Besides, each share of the number three company Reneta, which is at the height of foreign interest, is trading at 1 thousand 303 taka. So, the share price of BRAC Bank is 33 times less than the third company on the list even from the top of foreign investment. That is, every share of BRAC Bank is being sold at a price 33 times less than that of Renata even from the top in foreign investment.
The price at which BRAC Bank shares are exchanging is the minimum share price (floor price) arranged by the Securities and Commission. Without the floor price, the share price was likely to fall further. BRAC Bank shares are trading at 38 takas 50 paisa since September 1.
There are 2 more banks in the top ten of foreign investment. Those are more vulnerable to share price. Although Islami Bank has 22.59pc, the share was last traded at 32 taka 90 paisa. And the shares of City Bank, which is number 10 in the list, were last traded at 22 taka 80 paisa.
Apart from those companies in BSRM and banking sector, the share price of other companies that leads in foreign investment is more than 100 takas. Beximco Pharma is ranked second among companies with foreign investment. Shares of the company with 28.31pc foreign investment last traded at Tk 129.90 paisa.
The share price of Renetta Limited in third place is 1 thousand 303 taka. Foreign investment in this company is 22.90pc.
Olympics has 22.59pc foreign investment. Shares of this company last traded at 128 taka 20 paisa.
BSRM is on the list with 17.49pc foreign investment. The company’s shares last traded at Tk 93.
Square Pharma, a pharmaceutical and chemical company, has 13.64pc foreign investment. The current market price of the company’s shares is 209 taka 80 paisa.
Shares of British American Tobacco, which has 6.93pc foreign investment, last traded at Tk 518.60. And shares of Singer, a company with 4.83pc foreign investment, were last traded at 151 taka 90 paisa.
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.
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