Stocks
Anwar Galvanizing Eyes Growth, Leases Land for Production Expansion
Anwar Galvanizing, an affiliate of Anwar Group, is poised to lease approximately five bighas of land from Fresco Steel Mills, as part of its strategic plan to augment production capacity.
The decision to execute the lease deed was made during a board meeting on January 30, with the lease tenure set at 17 years and a security deposit of Tk1 crore. Anwar Galvanizing, specializing in galvanized iron-pipe (GI) fittings, intends to construct sheds for godowns, steel structures with concrete floors, and install heavy machinery on the leased land.
Company Secretary Tauhidul Islam shared, “The existing factory of the company is very small; that’s why the management has decided to expand its capacity.” The proximity of the leasehold land to the current factory facilitates the seamless expansion of the production facility.
While Islam refrained from divulging detailed investment plans, he highlighted the expansion’s alignment with the company’s strategic growth objectives.
Financial Snapshot and Expansion Plans:
According to its July-December 2023 financials, Anwar Galvanizing reported a 3% year-on-year decline in revenue to Tk32.25 crore. However, net profit demonstrated a noteworthy 30% increase, reaching Tk6.60 crore. The company attributed this success to a reduction in manufacturing costs, resulting in an improved gross profit margin.
For the fiscal year 2022-23, Anwar Galvanizing witnessed a 1.87% growth in revenue, albeit experiencing a 69% dip in profit compared to the previous year. In FY23, revenue reached Tk79.79 crore, while profit stood at Tk5.95 crore, as opposed to Tk72.43 crore and Tk19.34 crore, respectively, in the preceding fiscal year.
The company’s board of directors has proposed a 10% cash dividend for shareholders in FY23, pending approval at the annual general meeting scheduled for February 4, 2024.
Bond Issuance for Further Expansion:
In a bid to fuel business expansion, Anwar Galvanizing has outlined plans to issue a bond worth Tk50 crore. The company envisions that 90% of the bond units will convert into shares, with the remaining 10% remaining as non-convertible redeemable coupon-bearing bond units with a five-year tenure. The coupon rate is anticipated to range from 9% to 11% per year, offered semi-annually. Approval from the Bangladesh Securities and Exchange Commission and other regulatory bodies is a prerequisite for the bond issuance, which targets potential investors including banks, non-bank financial institutions, insurance companies, corporate entities, high-net-worth individuals, existing shareholders, and the general public.
Major General Mohammad Quamruzzaman (retd) has stepped down from his role as an independent director of the board of the Dhaka Stock Exchange, citing personal reasons.
He also served as a member of the DSE’s Nomination and Remuneration Committee (NRC).
Quamruzzaman was appointed to the DSE board on 1 September 2024, following the fall of the Awami League-led government. After serving for nearly one year and nine months, he submitted his resignation on Saturday (24 May).
Speaking to Quamruzzaman confirmed his resignation, saying, “Yes, I have resigned as an independent director for personal reasons.”
Md Shafiqur Rahman, Deputy General Manager of Public Relations and Publications at the DSE, said Quamruzzaman submitted a resignation letter mentioning personal reasons behind his decision.
“The DSE board will now take a decision regarding the resignation,” Shafiqur Rahman said.
He also indicated that Quamruzzaman may be planning to join another company, which could have influenced his decision to resign.
Earlier, another independent director of the DSE board, Shahnaz Sultana, also resigned from her position. She was likewise a member of the NRC.
According to the DSE annual report, Shahnaz Sultana is the CEO and Chief Consultant of FINS Alliance Risk Advisory and Consultancy and has served as the Founder and Chairperson of the WE Global Women Foundation since 2020.
The Bangladesh Securities and Exchange Commission (BSEC) has today approved appointment of Ms. Nuzhat Anwar as the new Managing Director of Dhaka Stock Exchange PLC. (DSE).
Ms. Nuzhat Anwar brings over two decades of experience in financial markets, banking, and development finance. Prior to her appointment, she worked at the International Finance Corporation (IFC), the private sector arm of the World Bank Group, where she held multiple senior leadership roles across Africa and South Asia. Her positions included Resident Representative for Liberia and Sierra Leone, Senior Country Officer for Bangladesh covering Bangladesh, Bhutan, and Nepal, and acting Cluster Manager during the COVID-19 pandemic and the subsequent transition period.
Ms. Anwar also served as an IFC Country Officer in Botswana and Namibia, where she played a key role in establishing IFC’s presence in Gaborone and advancing a sustainable investment program, including IFC’s first investment in Botswana. She offers deep expertise in capital management, treasury and liquidity, transaction services, portfolio optimization, and market advocacy. Earlier in her career, she spent 16 years with Citibank Bangladesh and Standard Chartered Bank Bangladesh in various senior management roles.
Ms. Anwar holds a Master’s degree in Commerce (Finance) from the University of Dhaka.
On her appointment as the Managing Director of DSE, the Chairman of the Board of DSE Mr. Mominul Islam said, “We are pleased to receive the approval of BSEC for appointment of Ms. Anwar as the new Managing Director. Over the last one year the NRC and Board of have worked hard to recruit a competent leader as the MD of DSE. We are confident that Ms. Anwar, with her excellent leadership trait, vast experience in the financial sector in home and abroad and deep passion for transformation in the Capital Market of the Country, is the right candidate to lead DSE in the days ahead. Now, we will complete the internal processes to onboard Ms. Anwar at soonest.”
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
