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As per the rules, an organization can not challenge the correct shares inside three years of itemizing on the principle board of the inventory exchanges
Sonali Paper and Board Mills manufacturing facility. Photograph: Collected
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Sonali Paper and Board Mills manufacturing facility. Photograph: Collected
The inventory market regulator has accepted the comfort of a rule referring to issuing proper shares of the Sonali Paper and Board Mills, a priority of Younus Group of Industries to adjust to the regulatory obligation to keep up a minimal paid-up capital of Tk30 crore.
Dr Shaikh Shamsuddin Ahmed, Bangladesh Securities and Trade Fee (BSEC) commissioner stated the fee has determined to exempt the agency from a rule referring to issuing the correct shares in order that it might fulfil the over Tk30 crore paid-up capital.
Firm Secretary Rashedul Hossain Imon stated, “We didn’t get any letter but from the fee”.
As per the rules, an organization can not challenge the correct shares inside three years of itemizing on the principle board of the inventory exchanges and Sonali Paper received relisted on the bourses just one 12 months in the past.
At the moment, the paid-up capital of the corporate is Tk21.96 crore.
The corporate desires to extend its paid-up capital by issuing rights shares at a ratio of 1R:2 (1 proper share in opposition to 2 present shares held) at Tk10 per worth.
Earlier, the regulator appointed a particular auditor for the corporate to look into its belongings that had been revalued in 2016 by way of SH Khan & Co Chartered Accountants.
The Dhaka Inventory Trade (DSE) transferred the corporate to the over-the-counter (OTC) market in October 2009 because of continued poor efficiency.
In July 2020, the corporate relisted on the principle board of the inventory exchanges taking exemption from the itemizing laws.
Its principal actions are manufacturing and advertising and marketing of media, liner, simplex, duplex paperboard, and high quality papers resembling newsprint.
The share worth of the corporate witnessed an uncommon hike of round 337% over the past 9 months. The corporate has targeted on the capital market as a substitute of the manufacturing enterprise.
Within the July-December interval of 2021, its working revenue elevated by 47% in comparison with the identical interval of the earlier 12 months.
The corporate has invested Tk45.37 crore within the capital market however its inventories are value solely Tk31.76 crore.
A giant portion of the income has been generated by way of capital market funding.
Sonali Paper & Board Mills was integrated in 1977 and received listed on the Dhaka Inventory Trade in 1985 and on the Chittagong Inventory Trade in 1996.
Younus Group took over the corporate after shopping for all shares in 2006.
After 17 years of acquisition, the brand new administration has utilized for bringing the corporate again to the mainboard in 2020.
As of 28 February 2022, sponsors and administrators collectively held 67.51%, establishments 7.69%, and most of the people 24.80% shares within the firm.
The final buying and selling share worth of the corporate on the Dhaka Inventory Trade was Tk876.40 per share on Thursday.
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