New unit of Confidence Cement opens in Dec

Production capacity to double

FE Report | November 29, 2017 00:00:00

The new unit of Confidence Cement will go into commercial production at the end of next month, doubling the company's total production capacity to 4,500

metric tonnes a day.

The board of directors of the company has planned to start the commercial production of the unit-3 on December 30.

The company has informed the Dhaka Stock Exchange that the erection and commissioning work of the unit-3 will be completed in November, said a statement posted on the DSE website on Tuesday.

After completion of the unit-3, the production capacity of the company will increase by 2,500 metric tonnes to 4,500 metric tonnes a day, which is more than double its current capacity, the statement added.

The share of the company, listed on the Dhaka bourse in 1995, closed 3.74 per cent higher at Tk 155.40 on Monday.

The board of directors of the Chittagong-based cement maker has recommended 15 per cent cash and 20 per cent stock dividends for the year ending on June 30, 2017.

The final approval of the dividends will come at the annual general meeting (AGM) to be held on the factory premises in Chittagong on December 24.

The company has reported earnings per share (EPS) of Tk 11.07, net asset value (NAV) per share of Tk 84.01 and net operating cash flow per share (NOCFPS) of Tk 9.35 for the year ending on June 30, 2017 as against Tk 10.22, Tk 73.71 and Tk 7.85 respectively for the same period of the previous year.

The company disbursed 37.50 per cent cash dividend for the 18-month period that ended on June 30, 2016.

The company's paid-up capital is Tk 449.94 million and authorised capital is Tk 1.0 billion, while the total number of securities is 44.99 million.

Sponsor-directors own 25.50 per cent stake in the company while institutional investors own 22.06 per cent, foreign investors 0.11 per cent and the general public 52.33 per cent as on October 31, 2017, the DSE data shows.

Established in early 1990, Confidence Cement is the first private sector cement manufacturing company in Bangladesh, according to the company's website.

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