Islamic Finance to issue bond worth Tk 3.0b

The board of directors of Islamic Finance & Investment has approved to issue IFIL Mudaraba non-convertible fully redeemable subordinated bond of Tk 3.0 billion, said an official disclosure on Sunday.

The company will issue the bond only for raising fund subject to the approval of the regulatory authorities - Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC), the disclosure said.

Each share of the company, which was listed on the Dhaka Stock Exchange (DSE) in 2005, closed at Tk 15.70 on Sunday, gaining 3.97 per cent over the previous session.

Its share traded between Tk 14.70 and Tk 24 in the last one year.

The company has declared 10 per cent cash and 4.50 per cent stock dividend for the year ended on December 31, 2018.

The company also disclosed un-audited first quarter (Q1) financial reports on Sunday.

As per the Q1 financial reports for January-March 2019, the company's earnings per share (EPS) was Tk 0.37 as against Tk 0.31 for January-March 2018.

The net operating cash flow per share (NOCFPS) was negative Tk 3.44 for January-March 2019 as against negative Tk 5.18 for January-March 2018.

The net asset value (NAV) per share was Tk 15.02 as on March 31, 2019 and Tk 14.59 as on March 31, 2018.

The company's paid-up capital is Tk 1.34 billion and authorised capital is Tk 2.50 billion while the total number of securities is 134.28 million.

The sponsor-directors own 36.59 per cent stake in the company, while the institutional investors own 33.75 per cent, and the general public 26.66 per cent as on March 31, 2019, the DSE data shows.

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