Stocks
Asiatic Labs Makes Stock Market Debut with Tk95mn IPO
Asiatic Laboratories Limited is poised to mark its debut on both the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) this Wednesday. The pharmaceutical company successfully garnered Tk95 million from the stock market through an initial public offering (IPO) utilizing the book-building method.
During the IPO, general investors secured 86 shares, while non-resident Bangladeshis were allotted 143 shares against a Tk10,000 deposit. The Bangladesh Securities and Exchange Commission (BSEC) granted the company the authority to set the cut-off price for its shares in August 2022. Subsequently, eligible investors established the cut-off price at Tk50 each, adhering to BSEC regulations that allowed general investors to purchase the shares at Tk20.
However, in January 2023, the BSEC temporarily suspended the IPO subscription due to allegations involving false land ownership, inaccurate financial reporting, and fraudulent claims of share money deposits. Following proven violations of securities laws, the commission imposed a Tk50 lakh fine on each director and the issue manager in October.
In a significant turn of events, the BSEC lifted the suspension on its IPO subscription in November of the same year. Asiatic Laboratories, undeterred by the temporary setback, plans to utilize the funds raised for the initiation of anticancer drug production.
According to the financials disclosed on the stock exchange’s website as of Tuesday, the company’s profit after tax stood at Tk26.85 crore, with a basic earnings per share (EPS) of Tk3.06 at the conclusion of FY22. Comparatively, in FY21, the profit after tax was Tk32.05 crore, and the basic EPS was Tk3.65. The impending market debut is anticipated to provide a platform for the company to further its endeavors in the pharmaceutical sector.
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.
