The share price of Genex Infosys soared 3.81 per cent on Sunday following the news that the company is going to set up a new company to diversify its business into the fast-growing e-commerce services.
The listed IT company's share price soared 3.81 per cent or Tk 4.40 each to close at Tk 119.80 on Sunday on the Dhaka Stock Exchange (DSE).
The company's share price soared more than 46 per cent in the past three months, according to DSE data.
The new company, Loginex Limited, will provide services focusing on digitising the logistics and supply-chain management eco-system of the country, the company said in a filing with the DSE on Sunday.
Loginex aims to have 15,000+ varied sized/type transportation fleets on boarded on its network, and expects to be trusted by global brands of repute for managing their logistic services, said the filing.
Genex Infosys will own 75 per cent of the business from its own source, in joint collaboration with others, with an initial paid-up capital of Tk 1.0 million.
The company has also informed that the said business is expected to generate approximately revenue of Tk 150 million on average each year beginning in January 2022.
Genex Infosys, which was listed on the DSE in 2019, disbursed 10 per cent cash and 10 per cent stock dividend for the year ended on June 30, 2020. In 2019, it provided a 5.0 per cent cash and 15 per cent stock dividend.
The company's paid-up capital is Tk 1.03 billion and authorised capital is Tk 2.0 billion while total number of securities is 103.22 million.
The sponsor-directors own 34.99 per cent stake in the company, while the institutional investors 18.95 per cent, foreign investors 0.02 per cent and the general public 46.03 per cent as on July 31, 2021, the DSE data shows.
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