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The securities regulator has accorded consent to Golden Harvest Ice Cream Limited, a subsidiary of Golden Harvest Agro Industries, for raising the company's paid-up capital from the market.
Earlier on April 19, the board of directors of Golden Harvest Agro Industries approved an increase of share capital of Golden Harvest Ice Cream subject to approval by the Bangladesh Securities & Exchange Commission (BSEC).
The company said that the paid-up capital will be increased through issuance of 15 million bonus shares of Tk 10 each, totaling Tk 150 million against retained profit from the existing shareholders, according to a posting on the Dhaka Stock Exchange website.
The company will also issue 3.0 million ordinary shares of Tk 10 each, totaling Tk 30 million against cash consideration to the existing shareholder Ahmed Rajeeb Samdani.
It will also issue 52 million ordinary shares of Tk 10 each, totaling Tk 520 million, against cash consideration from the ones other than existing shareholders.
Total paid-up shares of Golden Harvest Ice Cream will be 100 million and new proportion of the post raising capital structure will be Golden Harvest Agro Industries 45 per cent, Ahmed Rajeeb Samdani 3.0 per cent and fresh issuance to ones other than existing shareholders 52 per cent.
On May 29 this year, Golden Harvest Ice Cream signed an agreement with IFC Infraventures covering feasibility, pilot and scale up of jointly investing in US$ 30 million (approx.) nationwide cold chain operations in Bangladesh.
Both IFC Infraventures and Golden Harvest Ice Cream Ltd. plan to invest equity into the project.
Each share of Golden Harvest Agro Industries, which was listed on the Dhaka bourse in 2013, closed at Tk 43.10 on Sunday, losing 1.82 per cent over the previous day.
The company's consolidated earnings per share (EPS) stood at Tk 0.33 for January-March 2018 as against Tk 0.31 for January-March 2017.
In nine months for July 2017-March 2018, its EPS was Tk 1.24 as against Tk 1.04 for July 2016-March 2017.
The consolidated net operating cash flow per share (NOCFPS) was Tk 3.54 for July 2017-March 2018 as against Tk 1.73 for July 2016-March 2017.
The consolidated net asset value (NAV) per share was Tk 21.43 as on March 31, 2018 and Tk. 21.81 as on March 31, 2017.
The company's paid-up capital is Tk 1.09 billion and authorised capital is Tk 2.0 billion, while the total number of securities is 109 million.
The sponsor-directors own 33.03 per cent stake in the company, the institutional investors 38.59 per cent and the general public 28.38 per cent as on August 30, 2018, the DSE data shows.