Tosrifa’s IPO fund project gets gas connection

FE Online Report | Published: September 03, 2018 13:34:35 | Updated: September 13, 2018 12:01:47

Tosrifa Industries has informed that the dyeing project financed by initial public offering (IPO) fund has got the natural gas connection.

“After completion of gas boiler erection the dyeing unit will run its operation by natural gas from Titas Gas Transmission and Distribution Company immediately,” said an official disclosure on Monday.

The Gazipur-based apparel maker raised Tk 638.72 million from capital market by issuing 24.56 million ordinary shares worth Tk 10 each, including Tk 16 as premium in 2015 for expansion of business.

Tosrifa Industries has also informed that the company has accepted the sanction of Infrastructure Development Company Limited (IDCOL) for up-to Tk 109.03 million term loan facility for energy efficient machinery.

The loan interest rate is 5.0 per cent for six years tenor with moratorium period of 18 months which will be financed by fund of Japan International Cooperation Agency (JICA), said the disclosure.

Tosrifa Industries, a unit of Northern Tosrifa Group, was listed on the Dhaka bourse in 2015. Each share of the company closed at Tk 25.30 on Thursday last.

The company’s earnings per share (EPS) was minus Tk 0.11) for January-March 2018 as against Tk 0.22 for January-March 2017.

In nine months for July 2017-March 2018, EPS was Tk 0.51 as against Tk 1.04 for July 2016-March 2017.

The net operating cash flow per share (NOCFPS) was Tk 0.78 for July 2017-March 2018 as against Tk 3.39 for July 2016-March 2017.

The net asset value (NAV) per share was Tk 32.89 as on March 31, 2018 and Tk. 33.37 as on June 30, 2017.

The company disbursed 10 per cent cash dividend for the year ended on June 30, 2017. In 2016, it paid 12 per cent cash dividend.

The company’s paid-up capital is Tk 631.16 million and authorised capital is Tk 1.0 billion, while the total number of securities is 63.16 million.

The sponsor-directors own 55.05 per cent stake in the company while institutional investors own 22.55 per cent and the general public 22.40 per cent as on July 31, 2018, the DSE data shows.

Tosrifa Industries is a 100 per cent export oriented garments manufacturing company.

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