Stocks
Gachihata makes Tk 140cr profit but isn’t paying a penny to the investors
One of the listed firms on DSE, Gachihata Aquaculture, is making big profits from previous losses, the previous year, 2021, the company made a profit of Tk 140cr. But the company never gives anything to its investors. Earlier, the company deceived its investors by showing previous losses, This information is known from DSE sources.
From the sources, The firm, Gachihata Aquaculture is listed in the over-the-counter (OTC) market and announced the resumption of business, a few months back. On August 10, the company’s board of directors had a meeting with the regulatory body Bangladesh Securities and Exchange Commission (BSEC). Despite a loss of Tk 17 crore in 2020, the company’s financial report for 2021 shows a profit of around Tk 140 crore.
According to the financial report of Gachihata Aquaculture for the year 2021, the company’s EPS for the year 2021, was 672 taka 67 paisa. The total income of the company is 139 crore 24 lakh 20 thousand 437 taka.
The loss per share of the company in 2020 was 84 taka 77 paisa. That year, the company made a total loss of 17 crore 54 lakh 68 thousand 527 taka. There have also been accused that the company has been deceiving investors by showing losses for several years.
It is also known that Gachihata Aquaculture Farms is an agricultural company listed on the DSE. Despite owning 109 acres of land, the company has been in a bad shape for the past two decades due to lack of working capital. Gachihata Aquaculture was listed on DSE in 1998. Since 2002, it has been shifted to the OTC market due to failure to operate and pay any dividends.
On September 16 last year (2021), BSEC announced the abolition of the OTC market. As a result, BSEC has decided to transfer the companies covered by the OTC market to the SME platform and Alternative Trading Board (ATB) based on their financial records and future prospects. In line with this, the regulatory body shifted Gachihata Aquaculture from the OTC market to the SME platform in 2021.
From the data given on DSE website, 56.02pc shares of Gachihata Aquaculture are held by ordinary investors. Entrepreneur directors hold 25.86pc shares. The remaining 18.12pc shares are held by institutional investors.
In 2021, Gachihata Aquaculture has not paid any dividend to the ordinary shareholders who have invested in the company despite earning 672 taka 67 paisa per share. Even investors are not informed about the EPS.
When asked about the income in 2021, the Managing Director of Gachihata Aquaculture Farms Major (Retd.) Akhtaruzzaman did not stated anything. However, he said that the board meeting of the company is being held regularly. In response to a question, he said, there is nothing to inform the investors about the board meeting.
One of the listed companies Hakkani Pulp & Paper Mills Limited from the Dhaka Stock Exchange (DSE), Hosne Ara Begum, a sponsor director has expressed the intention to sell 50,000 shares from her holdings in the company at the prevailing market price in the Chittagong Stock Exchange (CSE).
All the shares will be sold on the block market within the next 30 working days.
As of Persent, Hosne Ara Begum is holding 10,91,666 shares of the company.
The company was listed on the stock exchange in 2001, and its main goals are to manufacture various types of pulp, paper, and tissue products.
The board of the company recommended a 1% cash dividend for its general shareholders other than sponsors or directors, for fiscal 2021-22.
As of 28 February 2023, sponsors and directors held 44.69 percent of the company’s shares, institutional investors 2.87 percent, and general investors 52.44 percent.
The last trading share price of the company at the Dhaka stock exchange was Tk 53.20 till 1:56 pm Tuesday (28 March).
Dhaka Stock Exchange DSE, Bourses on the second working day of the week, March 28, ended with price index & turnover drops.
This information is known from DSE sources.
272 crores 5 lakh shares were traded in DSE on this day. 45 crores 54 lakhs less trading was done in DSE today compared to the previous workday, 27 March, Shares worth Tk 317 crores 60 lakh shares were traded in DSE last time, Monday.
The benchmark index DSEX dropped 11.83 points or 6,193. The Shariah-based index DSES shed 4.06 points or 1,345, and the blue-chip index DS30 lost 4.70 points or 2,205.
Of the issues traded, 28 advanced, 56 declined, and 201 remained unchanged.
Legacy Footwear Limited ranked top gainer on DSE, the share price increased by Tk 6.0 paisa or 9.71 percent. On this day, the share was last traded at Tk 67.80 paisa.
On the other hand, Jute Spinners Ltd ranked top loser on the DSE, the share price dropped by Tk 17.7 paisa or 6.76 percent. On this day, the share was last traded at Tk 246.30 paisa.
DSE topped on trade eastern Housing Limtied 20 crores 42 lakh 72 thousand takas of shares of the company have been traded.
A total of 52 companies’ shares were traded in the Block on Dhaka Stock Exchange, 52 lakh 48 thousand 57 shares of the companies were traded. The financial value of which is 30 crore 71 lakh taka.
One of the Listed Companies, Pioneer Insurance Company Limited has recommended 25 percent cash & 5 percent stock Dividend to its investors for the Financial Year ending December 31, 2022.
This source is known from DSE.
The Company has reported EPS (after tax) of Tk 6.09 paisa, NAV per share of Tk 46.88 for the year ended December 31, 2022, as against EPS of Tk 6.93 paisa (restated).
The Annual General Meeting (AGM) of the company will be held on May 31 through the digital platform. The record date for this has been fixed at April 27.
/NR
