Bangladesh
5 years ago

Shepherd Industries to invest Tk 250m in Shepherd Textile

Published :

Updated :

The board of directors of Shepherd Industries has decided to invest Tk 250 million in paid-up capital of Shepherd Textile, a non-listed company, subject to approval of the securities regulator.

The board has approved the selling of approximately 453 decimals land of Shepherd Industries located at Bhaluka, Mymensingh and 2 floors (5th & 6th) of Head office building measuring 708.40 square meter along with proportionate land located at Uttara to Shepherd Textile in consideration of 2,500,000 ordinary shares at Tk 100 each of the company.

Price of the said land and building will be determined at fair market value, said an official disclosure on Sunday.

Shepherd Textile is a 100 per cent export-oriented industry and engaged in the business of manufacturing and marketing of knitting fabrics.

The said investment is expected to contribute an additional profit of approximately Tk 50 million towards overall profitability of the company.

Post investment Shepherd Textile will be an associate company of Shepherd Industries.

Each share of Shepherd Industries closed at Tk 35.60 each on Thursday last at the Dhaka Stock Exchange.

The board of directors of the company has recommended 12 per cent cash dividend for the year ended on June 30, 2018.

The annual general meeting will be held on December 19.

The company has also reported EPS of Tk 1.15, NAV per share of Tk. 17.83 and NOCFPS of Tk 4.65 for the year ended on June 30, 2018 as against Tk 1.03, Tk 18.34 and minus Tk 6.0 respectively for the same period of the previous year.

The company, which was listed on the Dhaka bourse in 2017, disbursed 10 per cent stock dividend for the year ended on December 31, 2017.

The sponsor-directors own 51.48 per cent stake in the company, while institutional investors own 11.05 per cent, foreign investors 24.87 per cent and the general public 12.60 per cent as of September 30, 2016.

The company’s paid-up capital is Tk 1.36 billion and authorised capital is Tk 1.90 billion, while total number of securities is 136.62 million, according to statistics from the DSE.

[email protected]

Share this news