Saif Powertec to invest in subsidiary company

FE Online Report | Published: December 03, 2018 12:14:23 | Updated: December 04, 2018 12:42:49

The board of directors of Saif Powertec Limited has decided to invest initially Tk 32.50 million in Saif Port Holdings, a subsidiary of the Saif Powertec.

Saif Port Holdings will carry on all or any business of all engineering works in the field of civil, mechanical, electrical, chemical and meteorological engineering constructor, said an official disclosure on Monday.

The Saif Port Holdings will also work with consultation and performing undertaking to execute contracts to design, plan and control, construction of any buildings, road, bridges, railways of different project of BPDB, DESA, WASA, DPDC, DESCO to construct waterways, dock yards, sea port, land port, river port, airport, any type of port related works and operation etc, it said.

The initial investment in this regard would be Tk 32.50 million and in this investment Saif Powertec will be the parent company by holding 65 per cent stake and Saif Port Holdings will be subsidiary company.

Each share of the company, which was listed on the Dhaka Stock Exchange in 2014, closed at Tk 21 on Sunday.

The company has recommended 5.0 per cent cash and 8.0 per cent stock dividend for the year ended on June 30, 2018. The AGM will be held on December 27.

In 2017, the company disbursed 5.0 per cent cash dividend for shareholders excluding the sponsors/directors and 28 per cent stock dividend for all shareholders.

The company’s paid-up capital is Tk 2.97 billion and authorised capital is Tk 5.0 billion, while the number of securities is 297.71 million.

The sponsor-directors own 40.06 per cent stake in the company, while the institutional investors own 16.01 per cent and the general public 43.93 per cent as on October 31, 2018.

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