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GBB Power to invest in GBB Tea Estate

FE Online Report | Published: December 01, 2019 11:08:58 | Updated: December 02, 2019 11:22:33


The board of directors of GBB Power Ltd has decided to invest in 49 per cent equity shares in “GBB Tea Estate Ltd”, a newly formed company.

GBB Tea Estate initially plans to purchase 150 to 200 acres of land in Omarpur Mouza, Panchagarh Sadar, Panchagarh district, to carry on the business of tea cultivation, according to an official disclosure on Sunday.

Estimating amount of investment is Tk 150 million to Tk 200 million.

The board has also decided to purchase commercial floor space measuring 3180 sft (lncluding common area and four car parking spaces in the basement) at Momtaz Plaza (5th floor) situated in Mirpur Road of Dhanmondi, Dhaka, totaling Tk 65 million excluding registration & other cost for the company’s permanent use.

Each share of the power generation company closed at Tk 16 each on Thursday last at the Dhaka Stock Exchange.

The company’s earnings per share (EPS) stood at Tk 0.30 for July-September, 2019 as against Tk 0.26 for July-September, 2018.

The board of directors has recommended 10 per cent cash dividend for the year ended on June 30, 2019. The AGM will be held on December 18.

The company’s paid-up capital is Tk 1.01 billion and authorised capital is Tk 2.0 billion, while the total number of securities is101.80 million.

The sponsor-directors own 32.01 per cent stake in company, while institutional investors own 14.58 per cent, and the general public 53.41 per cent as on October 31, 2019, the DSE data shows.

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