BD Thai plans to issue rights

Bangladesh Thai Aluminium, an engineering sector listed company, has decided to issue rights shares and increased authorized capital subject to approval of the regulatory authorities, officials said.

"The company has informed that the board of directors of the company has decided to issue rights share 1R:1 (i.e. 1 Rights share for every one existing share) at an issue price of Tk 25 (including premium of Tk 15 each) subject to approval by shareholders in EGM and the regulatory authorities," said a statement posted on Dhaka Stock Exchange (DSE) website Tuesday.  

The company has also decided to amend the clause 4 of the Memorandum of Association and the Article 4 of the Articles of Association of the Company to increase its authorised capital from Tk 1.0 billion to Tk 2.0 billion, said the statement.

In this regard, an extraordinary general meeting (EGM) will be held on 22 June at 10:30am at Trust Milonayoton, 545, Old Airport Road, Dhaka Cantonment Road, Dhaka-1206. Record date was fixed on May 28 for EGM.

Another record date for entitlement of the proposed rights shares to be notified after obtaining approval from the Bangladesh Securities and Exchange Commission (BSEC), said the statement.

There was no price limit on the trading of the shares of the company Tuesday following its corporate declaration. Each share of the company closed at Tk 39, losing 7.38 per cent over the previous session's value.

Of the total shares, sponsor/directors held by 17.06 per cent, institutions 12.21 per cent while rest 70.73 per cent held by public, according to DSE website information.

The company was listed on the Dhaka bourse in 1990 and belongs to the 'B' category under engineering sector. Presently, the company's total shares are 47577299.

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