The board of directors of Heidelberg Cement Bangladesh has approved a draft scheme of amalgamation of the Meghna Energy with the Heidelberg Cement.
"The amalgamation is subject to sanction by the Supreme Court of Bangladesh and approval of the same by the members of the company and Meghna Energy," said an official disclosure on Wednesday.
Meghna Energy is a private company incorporated in Bangladesh and engaged in generating and supplying electricity as a small power plant. The company operates as a subsidiary of Heidelberg Cement.
Heidelberg Cement, a listed company in Bangladesh, is one of the group companies of Heidelberg Cement Group, founded in Germany in 1873.
Heidelberg Cement's core products are cement, ready-mixed concrete, aggregates and related activities. The company is one of the leading producers of building materials worldwide.
Each share of Heidelberg Cement, which was listed on the Dhaka bourse in 1989, closed at Tk 358.80 on Wednesday, losing 4.83 per cent over the previous day.
The company's paid-up capital is Tk 565 million, authorised capital is Tk 1.0 billion and the total number of securities is 56.50 million.
Sponsor-directors own 60.67 per cent stake in the company while institutional investors own 26.54 per cent, foreign investors 1.32 per cent and the general public 11.47 per cent as on June 31, 2018.
The company also disclosed second quarter earnings for April-June, 2018 period on Wednesday.
As per the un-audited April-June results, the company's consolidated earnings per share (EPS) stood at Tk 4.21 as against Tk 6.40 for April-June 2017.
In six months for January-June 2018, the company's consolidated EPS was Tk 9.55 for January-June 2018 as against Tk 12.71 for January-June 2017.
The consolidated net operating cash flow per share (NOCFPS) was Tk 10.81 for January-June 2018 as against Tk 14.74 for January-June 2017.
The consolidated net asset value (NAV) per share was Tk 77.72 as on June 30, 2018 and Tk 83.17 as on December 31, 2017.
The company noted that its net asset value reduced compared to same period of previous year 2017 due to charging of regular depreciation.
The company also said that earnings per share reduced due to higher cost of goods sold. The NOCFPS was reduced mainly for more supplier payments.
The company disbursed 150 per cent cash dividend for the year ended on December 31, 2017.
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