United Power Generation & Distribution Company Limited and its major shareholder United Mymensingh Power Limited ("UMPL") executed an agreement with an international private equity group for an investment of BDT 8.5 billion (approximately US$100 million).
The investors will purchase existing shares from UMPL. The share sales will be by way of an agreed plan of UMPL and United Power, said a statement.
The Chairman of United Group, Mr. Hasan Mahmood Raja, said the group was pleased to have secured an international institutional investor.
The incoming investment was facilitated by Blue Mount Capital which acted as the international corporate finance advisors.
The Chairman of Blue Mount Capital in Australia, Dr Saliba Sassine said the group was extremely pleased to have been able to assist United Power in securing the investment.
"United Power is a great company with a track record of strong performance. We are excited about the Company's plans and its role in providing energy for the country. Indeed, we are excited about the future and direction of Bangladesh and the solid growth the country is achieving," the Chairman of Blue Mount Capital said.
United Mymensingh Power, one of the corporate directors of United Power, will sell 10 million shares at prevailing market price in the block market.
According to statistics available with the DSE, 770,520 shares of United Power were traded, generating a turnover of Tk 302 million, which was 5.31 per cent of the total turnover.
The total turnover on the DSE stood at Tk 5.68 billion on Tuesday, up from Tk 4.77 billion in the previous session.
The company's share closed at Tk 394.50 each, gaining 2.68 per cent over the previous day.
The company has also reported consolidated earnings per share (EPS) of Tk 16.08, consolidated net asset value (NAV) per share of Tk 62.80 and consolidated net operating cash flow per share (NOCFPS) Tk 16.14 for the year ended on June 30, 2019.
The United Power, listed on the DSE in April 2015, disbursed 90 per cent cash and 20 per cent stock dividends in 2018.
The company's paid-up capital is Tk 4.79 billion and authorised capital is Tk 8.0 billion while total number of scurrilities is 479.08 million.
The sponsor-directors own 90 per cent stake in the company, while institutions own 6.54 per cent, foreign investors 0.04 per cent and the general public 3.42 per cent as of July 31, 2019, the DSE data shows.
Monno Ceramic came second in the turnover chart, with shares worth Tk 203 million changing hands. The company's share price advanced 0.87 per cent to close at Tk 219.90 each.
Bangladesh Shipping Corporation clinched the third spot, with shares worth Tk 189 million changing hands. The state-run company's share closed at Tk 58.70, shedding 4.71 per cent.
JMI Syringes emerged fourth, with shares worth Tk 183 million changing hands. The company's share price soared 8.73 per cent to close at Tk 483 each.
Indo-Bangla Pharma notched the fifth spot, with units worth Tk 142 million changing hands. The company's share closed at Tk 25.80 each, gaining 1.18 per cent.
The turnover of VFS Thread Dyeing was Tk 133 million. The company's share price plunged 9.95 per cent to close at Tk 42.50. It was also the day's worst loser.
Khulna Power featured a turnover of Tk 130 million. The power generation company's share closed at Tk 56.10 each, soaring 10 per cent. It was the day's highest gainer.
The turnover of Fortune Shoes was Tk 104 million. The company's share price fell 0.98 per cent to close at Tk 40.50 each.
Bangladesh Submarine Cable Company featured a turnover of Tk 101 million. The company's share closed at Tk 127.10, advancing 4.35 per cent.
Square Pharmaceuticals also made its way to the top 10 turnover chart, with shares of nearly Tk 101 million changing hands. The second largest market cap company's share price fell 0.47 per cent to close at Tk 251.60 each.
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