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Confidence Cement buys 51pc stake of Zodiac Power

FE Online Report | Published: September 03, 2019 12:04:13 | Updated: September 04, 2019 15:50:24


Confidence Cement has purchased 51 per cent stake of Chattogram-based Zodiac Power Chittagong Ltd and made it a subsidiary of the company.

The board of directors of Confidence Cement has approved the purchase of 5.10 million ordinary shares of Tk 10 each of Zodiac Power Chittagong with effect from August 06, 2019 which is 51 per cent stake in the equity of the Zodiac Power, said an official disclosure on Tuesday.

The Zodiac Power Chittagong Ltd is an Independent Power Producer company having 54.363 MW HPO based Power Plant located at Kolagao, Patiya, Chattogram, said the disclosure.

The Confidence Cement also informed that upon successful testing and commissioning, the Zodiac Power Chittagong has started commercial operation of its HFO based, net 54.363 MW Power Plant consisting of the Unit of MAN Engines supplied along with related auxiliaries by Germany with effect from August 30, 2019 to sell the whole production of electricity to the Bangladesh Power Development Board (BPDB).

Each share of the Confidence Cement, which was listed on the Dhaka bourse in 1995, closed at Tk 145.50 on Monday at Dhaka Stock Exchange (DSE).

The company’s earnings per share (EPS) stood at Tk 4.47 in nine months for July 2018-March 2019 as against Tk 5.09 for July 2017-March 2018.

The net operating cash flow per share (NOCFPS) was negative Tk 1.39 for July 2018-March 2019 as against negative Tk 1.31 for July 2017-March 2018.

The net asset value (NAV) per share was Tk 66.71 as on March 31, 2019 and Tk 76.00 as on June 30, 2018.

The company disbursed 15 per cent cash and 20 per cent stock dividend for the year ended on June 30, 2018.

The company’s paid-up capital is Tk 647.91 million and authorised capital is Tk 1.0 billion, while the total number of securities is 64.79 million.

The sponsor-directors own 29.88 per cent stake in company, while institutional investors own 25.73 per cent, and the general public 44.39 per cent as on July 31, 2019, the DSE data shows.

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