The Monno Welfare Foundation — a corporate director of the publicly listed Monno Fabrics Limited — has sold 5pc or 57.60 lakh shares of its holdings to pay off bank loans of Monno Fabrics.
The sale proceeds, valued at Tk15.46 crore, were provided by the foundation to Monno Fabrics as an interest-free loan, the company said, in a filing on the stock exchanges on Thursday.
The Bangladesh Securities and Exchange Commission (BSEC) gave its approval on the matter on 28 April this year.
In its stock exchange filing, Monno Fabrics said the money has been utilized for the adjustment of the bank loan liabilities of Mono Fabrics with four banks— Sonali Bank, Janata Bank, BDBL Bank and Mercantile Bank— and other expenses.
According to sources, out of the total money from the foundation, Monno Fabrics will repay Tk12.73 crore loans to Sonali Bank, and Tk60 lakh to BDBL, Janata Bank, and Mercantile Bank. Also, Tk1.41 crore will be used for electric bill payments for March 2022, and the rest will be used for the payment of advance income tax for the sale of shares.
Monno Fabrics Ltd started out in the 1990s and it is a complete composite textile mill.
More than a decade ago, the BSEC transferred the company to the over-the-counter (OTC) board of stock exchanges from the main trading boards of the bourses. Later, as part of an initiative to reform the OTC, the regulator allowed the company to return to the main market following its improvement in business.
After relisting on the stock exchanges, its share trading debuted on 13 June 2021.
Weekly US Stock Market Report Shows Diverse Performance
On Thursday, a rally contributed to the recovery of U.S. stock indexes following a mostly negative performance the previous week. The NASDAQ’s increase of over 1% brought it within four-tenths of a percentage point below its record closing high established on November 19, 2021. Both the S&P 500 and the Dow extended their record highs set 11 days earlier.
The substantial daily gains on Thursday were driven by a stronger-than-expected earnings report from a major semiconductor company. The NASDAQ experienced its most significant surge in 12 months, rising nearly 3.0%, while the S&P 500 recorded its largest increase in 13 months at 2.1%.
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent gain of 278 points, reaching a closing value of 16,274 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, adding 49 points to settle at 5,088 points. Meanwhile, DJIA Index experienced a notable hike, losing 44 points during the week and concluding at 39,087 points after a week of gain.
In contrast, Russell 3000 Index saw a hike in week performance, with a slight gain of 31 points to reach 2,944 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable hike of 60 points, ending the week at 2,076 points.
Weekly European Stocks Shows Mixed Result
In the Outgoing week, the European stock market displayed a varied performance.
Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a slight hike of 0.33 points to close at 497.58.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, lost 24 points or finishing the session at 7,682.
In Germany, the DAX 30 index, added by 316 points to reach 17,735, while France’s CAC 40 decreased by 32 points to stop at 7,934 at the end of the trading day.
Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, increased by 234 points to 32,934. However, Spain’s IBEX 35, lost by 66 points, to close at 10,064.
South Asian Stock reports varied performance on the Outgoing Week
A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 718 points during the week. At the end of the week, the index stood at 73,860 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 183 points last week. At the end of the week, the index stood at 22,395 points.
Pakistan Stock Exchange Index ‘KSE 100’, added 2,560 points last week. After a week of gaining, the index settled at 65,486 points.
On the other hand, The Sri Lankan stock market index hiked, and the Colombo Stock Exchange index ‘ASPI’ increased by 36 points in a week. After a week the index settled at 10,691 points.
Bhutan’s stock market index ‘BSI’ dropped 26 points hence the index stood at 1,430 points throughout the whole week. Nepal’s ‘NEPSE’ lost 33 points, therefore the index stands at 1,932 points.
Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ lost by 19.42 points or 0.31 percent, in the outgoing week. At the end of the week, the index stands at 6,254 points
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