The board of directors of Kay & Que Limited has adopted a draft scheme of amalgamation of Multisourcing Limited with Kay & Que.
The amalgamation is, however, subject to approval by the shareholders at the extraordinary general meeting (EGM) and the High Court, according to a posting on the Dhaka Stock Exchange (DSE) website on Monday.
The companies are the entities of Multimode Group, founded in 1981 by eminent businessman Abdul Awal Mintoo, two-time president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
The board of directors of Kay & Que has accepted and approved the assets revaluation report submitted by M/S. Mahfel Huq & Co. Chartered Accountants.
As per the report, the value of assets is Tk 584,795,873 against the book value of Tk 138,134,723 as on 31 December 2017. The revaluation surplus is Tk 446,661,150.
Kay & Que is a pioneer in manufacturing of carbon rods for dry cell batteries.
Recently the company has diversified its business to CNG refueling stations, processing and packaging of chemicals.
Multisourcing, a non-listed company, is a value added service provider. Its commercial operations started in early 2004.
Earnings per share (EPS) of Kay & Que stood at Tk 0.42 for January-March 2018 as against Tk 0.30 for January-March 2017.
In nine months for July 2017- March 2018, the EPS was Tk 0.69 as against minus Tk 0.99 for July 2016- March 2017.
Each share of the company, which was listed on the Dhaka bourse in 1996, closed at Tk 209.80 on Monday, gaining 2.74 per cent over the previous day.
The company's share was traded between Tk 55.30 and Tk 222 each in the last one year.
The company failed to disburse any dividend since 2010 and accordingly placed in the "Z" category.
The sponsor-directors hold 24.06 per cent stake in the company while institutions 3.84 per cent and general public the remaining 72.10 per cent as on March 30, 2018, according to DSE data.
The company's paid-up capital is Tk 49.03 million and authorised capital is Tk 100 million. The total number of securities is 4.90 million.
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