Tosrifa's IPO fund project gets gas connection
FE Report | Tuesday, 4 September 2018
Tosrifa Industries has informed that its dyeing project, which was financed by funds collected through initial public offering (IPO), has got natural gas connection.
"After completion of gas boiler erection the dyeing unit will run its operation by natural gas from Titas Gas Transmission and Distribution Company immediately," said an official disclosure on Monday.
The Gazipur-based apparel maker raised Tk 638.72 million from the capital market by issuing 24.56 million ordinary shares of Tk 26 each, including a premium of Tk 16, in 2015 for expansion of the company's business.
Tosrifa Industries also informed that the company has accepted the sanction of Infrastructure Development Company Limited (IDCOL) for up to Tk 109.03 million in term-loan facility for energy-efficient machinery.
The interest rate on loan is 5.0 per cent for six years tenor with a moratorium period of 18 months which will be financed by a fund from Japan International Cooperation Agency (JICA), said the disclosure.
Each share of the company, which was listed on the Dhaka bourse in 2015, closed at Tk 26.70 on Monday, registering an increase of 5.53 per cent over the previous session.
The company's earnings per share (EPS) turned negative Tk 0.11 for January-March 2018 as against Tk 0.22 for January-March 2017.
In nine months for July 2017-March 2018, the EPS was Tk 0.51 as against Tk 1.04 for July 2016-March 2017.
The net operating cash flow per share (NOCFPS) was Tk 0.78 for July 2017-March 2018 as against Tk 3.39 for July 2016-March 2017.
The net asset value (NAV) per share was Tk 32.89 as on March 31, 2018 and Tk. 33.37 as on June 30, 2017.
The company disbursed 10 per cent cash dividend for the year ended on June 30, 2017. In 2016, it paid 12 per cent cash dividend.
The company's paid-up capital is Tk 631.16 million and authorised capital is Tk 1.0 billion, while the total number of securities is 63.16 million.
The sponsor-directors own 55.05 per cent stake in the company while institutional investors own 22.55 per cent and the general public 22.40 per cent as on July 31, 2018, the DSE data shows.
Incorporated in August 2002, Tosrifa Industries is a 100 per cent export-oriented readymade knit garments manufacturing company. It commenced commercial operation in 2005.