Western Marine Shipyard, a leading shipbuilder in Bangladesh, has struck a deal with an Indian company to form a consortium.
Western Marine signed a memorandum of understanding (MoU) with The Shalimar Works (1980) Limited (SWL) of Kolkata on June 06, 2018.
However, the company disclosed information about the MoU signing on Sunday through a web posting on the Dhaka Stock Exchange (DSE).
Under the agreement, the two companies would jointly bid for shipbuilding projects by forming a consortium for preparing and submitting of the bid (s) in respect of tender(s) floated by IWAI (Inland Waterways Authority of India) for various project(s).
Western Marine has also informed that the capital contribution and the profit and/or losses arising from there would be shared between the Western Marine and Shalimar Works at the ratio of 74:26 respectively.
"This will create scope for further generation of revenue of the company in the near future," said the disclosure.
Each share of Western Marine Shipyard, which was listed on the Dhaka bourse in 2014, closed at Tk 30.10 on Sunday at the DSE.
The shipbuilder disbursed 3.0 per cent cash and 12 per cent stock dividend for the year ended on June 30, 2017.
Sponsors hold 31.65 per cent stake in the company, while institutional investors 15.34 per cent and the general public 53.01 per cent as on April 30, 2018, the DSE data shows.
The company's paid-up capital is Tk 1.66 billion while authorised capital is Tk 3.0 billion and total number of securities is 166.28 million.
The company's earnings per share (EPS) stood at Tk 0.82 for January-March 2018 as against Tk 0.43 for January-March 2017.
In nine months for July 2017-March 2018, EPS was Tk 2.14 as against Tk 1.46 for July 2016-March 2017.
The net operating cash flow per share (NOCFPS) was Tk 3.02 for July 2017-March 2018 as against Tk 3.67 for July 2016-March 2017.
The net asset value (NAV) per share (with assets revaluation) was Tk 32.45 as on March 31, 2018 and Tk 34.24 as on June 30, 2017.
The NAV per share (without assets revaluation) was Tk 28.35 as on March 31, 2018 and Tk 29.61 as on June 30, 2017.
Started business in 2000, the Western Marine has built more than 60 ships for coastal and inland use, and building more than 30 ships are in progress, according to its website.
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