Alltex's land assets' worth up 59pc after re-evaluation

Loss-making Alltex Industries has re-evaluated its land, resulting in the value of the assets going up by 59 per cent to Tk 2.19 billion.

According to a stock exchange filing on Tuesday, the re-evaluation of the assets will be reflected in the balance sheet from June 30, 2024.

Revaluation is an upward adjustment to the value of assets, goods or especially the currency from a chosen baseline.

The purpose of a revaluation is to bring into the books the fair market value of fixed assets. This may be helpful in order to decide whether to invest in another business. If a company wants to sell one of its assets, it is revalued in preparation for sales negotiations.

Currently, the company's total asset value is Tk 3.87 billion, which will increase by 21 per cent.

The company has incurred losses for seven years in the last eight years.

It has declared no dividend for shareholders for the last 8 years, except for FY22.

Meanwhile, the stock price of the company went up by 5.60 per cent to Tk 15.10 per share on The Dhaka Stock Exchange on Tuesday.

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