United Power Generation & Distribution Company (UPGDC) witnessed a significant rise in turnover for the period of January-June, 2019 compared to same period of the previous year.
Market observers attributed the rise to the execution of an agreement between United Power Generation & Distribution Company Limited and its major shareholder United Mymensingh Power Limited ("UMPL") 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.
United Mymensingh Power, one of the corporate directors of United Power, will sell 10 million shares at prevailing market price in the block market.
The incoming investment was facilitated by Blue Mount Capital which acted as the international corporate finance advisors.
During the period, the UPGDC topped the chart of top 20 turnover leaders following investors' increased participation.
For January-June, 2019 the UPGDC featured a turnover of above Tk 28.67 billion, which was 141 per cent higher than the turnover featured for January-June, 2018.
The company also witnessed a significant growth
in earnings per share (EPS) for the year ended on June 30, 2019 against the EPS reported for the previous year.
The consolidated EPS of the UPGDC rose 67.67 per cent to close at Tk 16.08 for the year ended on June 30, 2019 against Tk 9.59 for same period of the previous year.
The company reported consolidated NAV per share of Tk. 62.80 and consolidated NOCFPS of Tk. 16.14 for the year ended on June 30, 2019.
The UPGDC expanded its capital base issuing bonus shares for resource mobilisation and implementation of the newly-acquired power plant of Leviathan Global BD Ltd. (LGBDL).
The company's share price also rose moderately in last six months of the fiscal year 2018-19.
On June 30 last, the share price of the UPGDC closed at Tk 375.10 each with a rise of 23 per cent or Tk 70.70 from the closing price observed on January 1.
The board of directors of the UPGDC has recommended 130 per cent cash dividend and 10 per cent stock dividend for the year ended on June 30, 2019.
The company consolidated EPS was Tk. 16.08 for the year ended on June 30, 2019 against Tk 9.59 for same period of the previous year.
The UPGDC, presently an 'A' category company, was listed on the stock exchanges in 2015.
The company's sponsor-directors hold 90 per cent shares, institutions 6.54 per cent, foreigners 0.04 per cent and general public 3.42 per cent as on July, 31, 2019.
Monno Ceramic Industries posted the second highest turnover value for January-June, 2019.
During the period, the company's turnover stood at above Tk 16.45 billion, which was 51 per cent higher than the turnover calculated for same period of the previous year.
Of other top turnover leaders, Fortune Shoes featured a turnover of Tk 15.31 billion, Bangladesh Submarine Cable Company Tk 14.86 million, BRAC Bank Tk 13.46 billion, Square Pharmaceuticals Tk 13.42 billion and Grameenphone Tk 11.66 billion.
The other turnover leaders such as Premier Bank, BBS Cables, Khulna Power Company, JMI Syringes & Medical Devices, Singer Bangladesh, British American Tobacco featured turnover values ranging between Tk 9.04 billion and Tk 9.99 billion for January-June, 2019.
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