Stocks
Monno Fabrics sponsor selling its shares to repay company’s bank loans
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.
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
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.
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