MTB directors to buy shares
Mr. Alhaj Syed Abul Hossain, one of the Sponsors of the Company, has expressed his intention to buy 3,00,000 shares of the Company at prevailing market price (in the Public Market) through Stock Exchange (DSE) within October 29, 2020.
Mrs. Khwaja Nargis Hossain, one of the Directors of the Company, has expressed her intention to buy 2,50,000 shares of the Company at prevailing market price (in the Public Market) through Stock Exchange (DSE) within October 29, 2020.
Jamuna Bank
Refer to their earlier news disseminated on 24.06.2020 regarding Bangladesh Securities and Exchange Commission (BSEC) approval to issue Unsecured, Non-Convertible, Floating Rate Perpetual Bonds of BDT 4,000.00 million, the Company has further informed all concerned that Bangladesh Bank also issued NOC in this regard with conversion features of "If the bank's consolidated CET-1 ratio falls below Bangladesh Bank requirement of 4.50% and stays below the level of three successive quarters, then, the 3rd quarter-end date of consecutive below- minimum CET-1 Ratio would be considered as the Trigger - Point or Trigger - Date. If the Trigger-Point or Trigger - Date is reached, the shortfall amount to maintain the minimum required Consolidated CET-1 Capital of 4.50% will then be subject to 'Conversion to Common Equity'." In line with Bangladesh Bank's approval the Board of Directors of the Company has recommended issuing Jamuna Bank Limited Perpetual Bonds of BDT 4,000.00 million with "Conversion" feature in the event of a Trigger-point to raise Additional Tier-1 Capital subject to approval of the honorable Shareholders of the Company in the EGM to be held through virtual platform. Date of EGM: 09.12.2020, Time: 5:00 PM, Venue: Digital Platform. Record date: 08.11.2020.
UPGDCL
The Company has informed that the Board of Directors of United Ashuganj Energy Ltd. (UAEL), which is a 92.41% owned subsidiary of United Energy Ltd. (UEL), which is a subsidiary of UPGDCL declared cash dividend of Tk. 4.00 (40%) per share of Tk. 10.00 each involving Tk. 160,17,95,604.00 for the year 2019-20, based on the Audited Financial Statements.
NCC Bank
Alhaj Md. Nurun Newaz, one of the Sponsor Directors of the Company, has expressed his intention to buy 30,00,000 shares of the Company at prevailing market price (in the Block Market) through Stock Exchange (DSE) within October 29, 2020.
Provati Ins
Mr. Joarder Nowsher Ali, one of the Sponsors of the Company, has expressed his intention to buy 1,000 shares of the Company at prevailing market price (in the Public Market) through Stock Exchange (DSE) within October 29, 2020.
ACFL
The auditor of Aman Cotton Fibrous Limited Limited has given the following Qualified Opinion on utilization of IPO fund in the audit report of the Company prepared for the month of August 2020. Qualified Opinion on Utilization of IPO Fund: 1. FDR of Tk. 73 crore made from IPO Proceeds is pledged as security for credit facilities enjoyed by other entities. Details are as follows: Akin Carries Limited enjoys credit facilities as overdraft on balance of FDR in Meghna Bank Limited is amounting Tk. 380,000,000, Aman Food Limited enjoys credit facilities as overdraft on balance of FDR in Commercial Bank of Ceylon Plc. is amounting Tk. 200,000,000 and Akin Carries Limited enjoys credit facilities as Bai-Muajjal on balance of FDR in Al-Arafah Islami Bank Limited is amounting Tk. 150,000,000. We found the loan repayment of Tk. 21,577,890 out of total Tk. 47,690,635 made from IPO fund A/c. However, considering the reimbursement of Tk. 11,282,835 total loan repayment stands at Tk. 32,860,725 and the management informed us that the rest of the amount of Tk. 14,829,910 spent from the company's own source which will be reimbursed after the encashment of FDR made from IPO proceeds. We found the IPO expenses of Tk. 15,084,344 out of total Tk. 34,811,028 made from IPO fund A/c. However, total IPO expenses considering the reimbursement comes to Tk. 34,813,338.
GPH Ispat
The Company has informed that the Board of Directors has decided to enter into a contract for Export of 25,000 Metric Tons MS billet to the People's Republic of China. The contract value of the said export is about USD 10,175,000 only. This export contract is of Company's usual course of business, which explore the new market for the Company. It is the first time bulk cargo Billet Export from Bangladesh.
Source-BRAC EPL
