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Inquiry committee against Bengal Biscuits: BSEC

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Bengal Biscuits

Bangladesh Securities and Exchange Commission, BSEC has approved an investigation committee against Bengal Biscuits recorded in the SME market in share market.

The inquiry committee has been told to look into the whole matter together with the business activities of the company. According to BSEC sources.

The team of the investigation committee are BSEC joint director Md. Saiful Islam, Assistant Director. Mahmudur Rahman and a person from Dhaka Stock Exchange, DSE (senior manager to senior officer). The commission has said to submit the investigation results to the commission within 6 weeks (30 working days).

BSEC’s attachments said that in view of the various complaints, it is necessary to conduct an investigation on the whoile issue of Bengal Biscuits. According to its arrest, Section 21 of the Securities and Exchange Ordinance, 1969 (Ordinance No. 17 of 1969) and Section 17A of the Bangladesh Securities and Exchange Commission Act, 1993 (Act No. 15 of 1993) were demanded to form an inquiry committee against Benagla Biscuits. The inquiry officers shall submit the report to the BSES within 6 weeks (30 working days) of the issuance of this order.

Just recent, many irregularities and complaints against Bengal Biscuits have been submitted to BSEC. The Commission has already sought an explanation from the Managing Director of Bengal Biscuits regarding the irregularities and complaints. Most of the complaints filed against the company by the commission are related to financial irregularities.

From July 2019, electricity and gas bill documents, monthly sales reports and bank statements must be submitted to the commission. The monthly Value Added Tax (VAT) documents from the time of discussion, related documents including the address of where the goods were sold, the information of the managing director and the officers and employees working in the company, their salaries and allowances for the last 3 months have been asked to be submitted to the Seat Commission.

Henceforth, a report on the company’s current image and future improvement, documents related to board meetings of directors, accounts related to directors’ allowances of their board meetings and other necessary documents have also been asked to be submitted to the commission.

On September 16, 2021, BSEC announced the abolition of the OTC market. As a result, BSEC has take actions to shift the companies covered by the OTC market to the SME platform and Alternative Trading Board (ATB) based on their financial capacity and future prospects. Regarding this, BSEC decided to shift Bengal Biscuits from OTC market to SME platform in 2021.

Bengal Biscuits, listed in the SME market of the share market, has an authorized capital of Tk 50 crore and a paid up capital of Tk 7 crore 93 lakh. Accordingly, the total number of shares of the company is 79 lakh 38 thousand. Out of this, 30.60pc shares are held by entrepreneurial managers, 10.27pc by institutional investors and 59.13pc by general investors. The company’s shares last traded at Tk 107.40 on Thursday (October 13).

 

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Dhaka Bourse Skyrockets, Achieving 4-Day Gaining Streak

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Bourse dse indices turnover stock exchange

Dhaka Stock Exchange DSE, Bourse on the last working day of the week, 20th June, ended with a hike in Indices and Turnover from the previous working session. This information is known from DSE sources.

452 crore 94 lakh taka shares were traded on this day. 206 crore 50 lakh more tradings were done in DSE today compared to the previous workday, June 19th, Shares worth Tk 246 crores 44 lakh shares were traded last time, Wednesday

The benchmark DSEX increased 82.74 points or 5,244 The Shariah-based index DSES added 24.78 points or 1,146, and the blue-chip index DS30 gained by 31.34 points or 1,875.

Of the issues traded, 288 advanced, 55 declined and 50 remained unchanged.

Linde Bangladesh Limited ranked top gainer on DSE, the share price increased by Tk 424.10 paisa or 43.04 percent. On this day, the share was last traded at Tk 1409.40 paisa.

Global Heavy Chemicals Limited ranked top loser on the DSE, the share price dropped by Tk 1.20 paisa or 3.00 percent. On this day, the share was last traded at Tk 38.90 paisa.

DSE topped on trade is Asiatic Laboratories Limited 14 crore 63 lakh takas of company shares have been traded.

A total of 45 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 71 lakh 39 thousand 978 shares of the companies were traded. The financial value of which is 113 crore 38 lakh taka.

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National Tea Sets New Subscription Date for Tk279.7cr Placement Shares

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National Tea Company Limited, a publicly traded entity, has announced new subscription dates for its Tk279.7 crore placement shares. Originally slated for nearly a year ago, the subscription had been postponed by regulatory authorities but is now set to proceed following a recent court directive.

According to the company’s disclosure, the subscription period will run from June 19 to August 19 during banking hours. This follows a letter from the Bangladesh Securities and Exchange Commission (BSEC) instructing the resumption of the capital-raising initiative, in compliance with a High Court order.

The primary objective of issuing these placement shares is to fuel business growth, finance working capital, and repay bank loans. However, due to a funding shortfall, the company has been unable to complete its modernization projects and other initiatives, resulting in decreased turnover caused by declining average sale prices in the auction market for its products.

Following the court’s directive, significant progress has been made in implementing the state-owned company’s plans.

In July of the previous year, Jakir Hossain Sarkar, a minor shareholder with just 10 National Tea shares, filed a writ petition with the High Court opposing the company’s scheme to issue fresh shares as approved by the BSEC, alleging unequal treatment of existing shareholders. The court later upheld the BSEC’s approval. Upon a petition by the market regulator, the Appellate Division’s chamber judge temporarily stayed the High Court’s order.

Shareholders have borne the brunt of these legal battles. After the record date, the price of National Tea shares dropped in anticipation of the increased number of shares, and the issuance of placement shares remained uncertain.

In April last year, National Tea received BSEC approval to raise its paid-up capital by issuing 2.34 crore shares at Tk119.53 each, inclusive of a Tk109.53 premium per share. The distribution plan allocated 1.24 crore shares to the government, Investment Corporation of Bangladesh, and Sadharan Bima Corporation at an average ratio of 4.43 new shares for each existing share. Sponsor-directors were allocated 13.8 lakh shares at a ratio of 3.21:1, and general shareholders were to receive nearly 96 lakh shares at a 2.85:1 ratio.

As of Wednesday, National Tea shares closed at Tk388.60 each on the Dhaka Stock Exchange. Founded in 1978 and listed on the capital market in 1979, National Tea cultivates, manufactures, and sells tea and rubber in the local market. The company’s average annual production is about 52 lakh kg of tea, most of which is sold through the Chattogram auction market.

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Renata Launches First Terbinafine Shipment to the UK

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Renata PLC, a leading pharmaceutical manufacturer in the country, has successfully exported its initial consignment of Terbinafine tablets to the United Kingdom, marking a significant milestone in its export portfolio.

The company’s secretary, Md Jubayer Alam, announced that this shipment expands Renata’s export range to 17 distinct products within the UK market. “We have received an order of approximately 200,000 boxes, valued at £150,000,” he stated.

In local currency terms, this translates to an export value of over Tk2.23 crore.

In a disclosure to stock exchanges on Wednesday, June 19, Renata PLC detailed the dispatch of the first batch of Terbinafine 250 mg tablets to the UK, where the product will be marketed under the brand name Terbimax. The tablets are manufactured at Renata’s MHRA-approved facility in Rajendrapur, Gazipur, and will be distributed by Renata (UK) Limited.

Terbinafine, an allylamine antifungal, is commonly used to treat onychomycosis, a fungal infection of the toenails or fingernails caused by dermatophytes. The global market for Terbinafine was valued at $614 million in 2023. In Bangladesh, this medication is also available under the brand name Terbimax.

Md Jubayer Alam emphasized the strong demand for Terbinafine in the UK. “The market for these products is expanding rapidly. With our entry into this market, we anticipate significant benefits for the company,” he said.

Renata PLC entered the UK market in 2018 through its subsidiary, Renata (UK) Limited. Currently, several products are being commercialized in the UK, supported by agreements with five distribution partners. According to its annual report, Renata (UK) Limited generated a consolidated revenue of Tk7.71 crore in FY23.

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