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The Financial Express

Yeakin cuts 75pc production due to machineries installation

FE Online Report | Published: December 26, 2017 12:08:33 | Updated: December 27, 2017 12:04:50


File Photo (Collected) File Photo (Collected)

Yeakin Polymer will reduce 75 per cent production capacity due to change the total factory machineries layout plan for installation of the new capital machinery, said an official disclosure on Tuesday.

The board of directors of Yeakin Polymer said the company needs to change the total factory machineries layout plan for installation of the new capital machinery according to newly constructed shed and established electricity connectivity, said the disclosure.

“Locally, layout set up is to be started from December 26, 2017 and foreign expert will start their work from January 2018. It will take two months to complete the whole process,” the disclosure said.

So, the company’s major production process will be halted from December 26, 2017 to February 25, 2018. During this period company will be able to produce 25 per cent of its capacity, the disclosure added.

Recently, the company downgraded to ‘B’ category from existing ‘A’ category with effect as the company approved only 5.0 per cent stock dividend for the year ended on June 30, 2017.

 “The stock brokers and merchant bankers are requested to abstain from providing loan facilities to their clients against trading of the shares of Yeakin up to 30 trading days from December 24 as per securities regulator’s directive in this regard,” said a disclosure.

The board of directors of the company has approved 5.0 per cent stock for the year ended on June 30, 2017. In 2016, the company disbursed 10 per cent stock dividend.

The company has also reported earnings per share (EPS) of Tk 0.58, NAV per share of Tk 13.00 and NOCFPS of Tk 0.05 for the year ended on June 30, 2017 as against Tk 0.66 (restated), Tk 15.62 and Tk 0.80 (restated) respectively for the same period of the previous year.

Each share of the company, which was listed on the Dhaka bourse in 2016, closed at Tk 22.10 on Sunday last at the DSE.

The company’s paid-up capital is Tk 649 million and authorised capital is Tk 1.0 billion while the total number of securities is 64.90 million.

Sponsor-directors own 30.52 per cent stake in the company while institutional investors own 16.19 per cent and the general public 53.29 per cent as on November 30, 2017, the DSE data shows.

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