ACI to set up joint-venture with CO-RO A/S

FE Online Report | Wednesday, 31 July 2019

ACI Limited will set up a joint-venture company with renowned Danish juice manufacturing company CO-RO A/S, said an official disclosure on Wednesday.

In this regard, the board of directors of the ACI has approved a Joint-Venture Arrangement to form and establish a joint-venture company with CO-RO A/S under the name, ACI CO-RO BANGLADESH LTD.

The CO-RO A/S is a renowned Danish juice manufacturing company having its operation in 80 countries and market leader in several Asian countries.

The ACI will invest Tk 499 million over a period of next two years against its 49.9 per cent holding in the company.

Each share of the ACI, which was listed on the Dhaka bourse in 1976, closed at Tk 254 on Tuesday.

Its share traded between Tk 240 and Tk 398 in the past one year.

The company’s consolidated earnings per share (EPS) turned negative Tk 6.25 for January-March 2019 as against Tk 0.93 for January-March 2018.

In nine months for July 2018 to March 2019, its consolidated EPS was also negative Tk 5.81 for as against Tk 8.64 for July 2017-March 2018.

The consolidated net operating cash flow per share (NOCFPS) was negative Tk 67.72 for July 2018-March 2019 as against negative Tk 64.16 for July 2017-March 2018.

The consolidated net asset value (NAV) per share was Tk 206.06 as on March 31, 2019 and Tk 222.09 as on June 30, 2018.

The ACI disbursed 115 per cent cash and 3.50 per cent stock dividend for the year ended on June 30, 2018.

The company’s paid-up capital is Tk 498.89 million, authorised capital is Tk 1.50 billion and the total number of securities is 49.88 million.

The sponsor-directors own 45.98 per cent stake of the company, while institutional investors own 29.77 per cent, and the general public 24.25 per cent as of June 30, 2019.