Stocks
Paramount Textile to peddle its shares of Meghna Bank
Paramount Textile PLC, a listed firm belonging to the Paramount Group, has decided to sell its entire holding of the Meghna Bank for Tk3 crore.
A general shareholder Imrana Zaman Chowdhury will buy the shares says a disclosure published on the stock exchanges.
According to the disclosure, Paramount Textile holds 22,68,400 shares of the Meghna Bank.
Md Robiul Islam, company secretary of Paramount Textile, told that their company has so many investment opportunities as it is involved in various sectors.
They are getting good returns too, he said.
“Considering all aspects, the company is selling the shares of the Meghna Bank. The money will be spent on the company’s current development work,” he noted.
The woven fabrics manufacturer Paramount Textile has recently invested in the power sector.
In November, the company decided to spend $85.45 million on enhancing its production capacity.
As per company information, it wants to invest $70.45 million for BMRE (Balancing, Modernisation, Rehabilitation, and Expansion), and $15 million to set up a new fabric unit.
Paramount Textile was incorporated in 2006. It produces and delivers woven fabrics and more than 85pc of its total income comes from yarn-dyed fabrics.
The company got listed on the stock exchanges in 2013. The company had paid 20pc cash and 5pc stock dividends in fiscal 2021.
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.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
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