Business News

GOLDEN HARVEST’S RIGHTS SUBSCRIPTION BEGINS

The subscription for rights shares of Golden Harvest Agro Industries Ltd started on Sunday, aiming to raise a capital worth Tk 899.32 million. The subscription period will continue until December 30, officials said. The rights issue is an offer of new shares by a company to its existing shareholders in proportion to the shares they already own and usually at a discount to market price. Bangladesh Securities and Exchange Commission (BSEC) approved the company’s application to raise the fund through issuance of 89.93 million rights shares on October 1 of this year. The Golden Harvest, a company in the ‘Food & Allied’ sector, will issue three rights shares against four existing shares (3R:4) at an offer price of Tk 10 each. The purposes of issuing rights shares are to increase paid-up capital for the expansion of existing production and distribution channels of the company and pay off bank loans.

Each share of Golden Harvest, listed on Dhaka Stock Exchange in 2013, closed at Tk 18.40 on Sunday, losing 6.12 per cent over the previous day. The board of directors of the company has recommended 7.0 per cent cash and 5.0 per cent stock dividend for the year ended on June 30, 2019. The annual general meeting will be held on December 28.

The company has also reported consolidated earnings per share (EPS) of Tk 2.03, consolidated net asset value (NAV) per share of Tk 20.01 and consolidated net operating cash flow per share (NOCFPS) of Tk 3.49 for the year ended on June 30, 2019 as against Tk 1.86 (restated), Tk 20.28 (restated) and Tk 3.92 (restated) respectively for the same period of the previous year. The company disbursed 10 per cent stock dividend in 2018. The company’s paid-up capital is Tk 1.19 billion and authorised capital is Tk 2.50 billion while the total number of securities is 119.90 million. The sponsor-directors own 33.03 per cent stake in the company, institutional investors own 46.54 per cent, and the general public 20.43 per cent as on October 31, 2019, the DSE data show.

Source:  The Financial Express, 09.12.2019

Link: https://today.thefinancialexpress.com.bd/stock-corporate/golden-harvests-rights-subscription-begins-1575823189