HC clears Kay & Que, Multisourcing merger
The securities regulator sends Kay & Que to "spot trading" from Sunday
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Kay & Que (Bangladesh) has informed that the High Court has cleared amalgamation of Multisourcing Ltd. with Kay & Que.
Earlier on June 11 this year, the Kay & Que disclosed that Multisourcing Ltd will merge with Kay & Que subject to approval by the shareholders at the extraordinary general meeting (EGM) and the High Court.
The companies are the entities of Multimode Group, founded in 1981 by eminent businessman Abdul Awal Mintoo, two-time president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
The board of directors of Kay & Que has accepted and approved the assets revaluation report submitted by M/S. Mahfel Huq & Co. Chartered Accountants.
As per the report, the value of assets is Tk 584,795,873 against the book value of Tk 138,134,723 as on December 31, 2017. The revaluation surplus is Tk 446,661,150 only.
Kay & Que is a pioneer in manufacturing of carbon rods for dry cell batteries.
Recently the company has diversified its business to CNG refueling stations, processing and packaging of chemicals.
Multisourcing, a non-listed company, is a value added service provider. Its commercial operations started in early 2004.
The earnings per share (EPS) of Kay & Que stood at Tk 0.42 for January-March 2018 as against Tk 0.30 for January-March 2017.
In nine months for July 2017- March 2018, the EPS was Tk 0.69 as against minus Tk 0.99 for July 2016- March 2017.
Each share of the "Z" category company, which was listed on the Dhaka bourse in 1996, closed at Tk 156.90 on Sunday, slumping by 9.56 per cent over the previous day.
The company's share was traded between Tk 93.50 and Tk 246 each in last one year.
The company failed to declare any dividend since 2010 and accordingly placed in the "Z" category.
The sponsor-directors hold 24.06 per cent stake in the company while institutions 3.84 per cent and general public the remaining 72.10 per cent as on July 31, 2018, according to DSE data.
The company's paid-up capital is Tk 49.03 million and authorised capital is Tk 100 million. The total number of securities is 4.90 million, the DSE data shows.
Meanwhile, the Bangladesh Securities and Exchange Commission (BSEC) sent the Kay & Que (Bangladesh) to "spot trading" from Sunday along with four other companies due to the abnormal price hike of its shares.