The board of directors of Rahima Food Corporation Limited has decided to change the nature of existing business of the company, according to a statement posted on the Dhaka Stock Exchange (DSE) website on Tuesday.
“Producing and marketing of edible oil will be changed into producing and marketing of coconut oil and existing edible oil producing plant will be demolished to provide necessary space for erection of coconut oil producing plant at an estimated cost of Tk 290 million,” the company said in the statement.
The board has also proposed that vacant land of the company measuring 4.0 bighas that has no utilisation to the company will be sold at a negotiated price of Tk 200 million for financing the erection of coconut oil producing plant.
However, the change of the nature of existing business will come into effect only after approval of the shareholders in its extraordinary general meeting (EGM) scheduled to be held on 27 December 2017.
The EGM will be held on 27 December 2017 at 10:15am. Venue of the EGM will be notified later. The record date for EGM is on 7 December 2017.
The company also disclosed un-audited first quarter financial statements on Tuesday. As per un-audited financial statements of Rahima Food, earning per share (EPS) was Tk (0.14) for July-September, 2017. Net asset value (NAV) per share was Tk 2.68 as on September 30, 2017 and net operating cash flow per share (NOCFPS) was Tk 25.44 for July-September, 2017.
Each share of the “Z” category company, which was listed on the Dhaka bourse in 1997, closed at tk 173.90 on Monday at DSE.