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United Power leads DSE transaction chart

The company's hefty dividend recommendation attracts investors


FE Report | Published: January 03, 2018 10:44:24 | Updated: January 04, 2018 11:39:07


United Power Generation & Distribution Company Ltd dominated the Dhaka bourse turnover chart Tuesday while top 10 traded companies grabbed nearly 24 per cent of the total transaction.

Market insiders said United Power emerged as the turnover leader following the news of its hefty dividend recommendation. The record date for entitlement of dividend is January 8.

Recently, the Board of Director of the power generation company recommended 90 per cent cash dividend and 10 per cent stock dividend for the year ended on June 30, 2017. The final approval of the dividend will come during the AGM scheduled to be held on January 27 as the company recently received clearance from the High Court for holding AGM.

United Power informed that they filed a petition with the High Court on December 06, 2017 seeking an order condoning the delay in holding the 10th AGM and directing the company to hold the AGM on January 27, 2018.

"The court on December 13 has passed an order of injunction restraining BSEC, DSE and CSE respectively from treating the company as a "Z" category company for a period up to February 28, 2018," the company said in a disclosure recently.

The company has reported earnings per share (EPS) of Tk 11.50, net asset value (NAV) per share of Tk 41.22 and net operating cash flow per share (NOCFPS) of Tk 12.19 for the year ended on June 30, 2017 as against EPS of Tk 15.57, NAV per share of Tk 34.22 and NOCFPS of Tk 15.05 respectively for the 18-month period from January 01, 2015 to June 30, 2016.

The company also disclosed first quarter (Q1) un-audited financial reports for July-September, 2017 on the day. As per the Q1 reports, EPS was Tk 2.95 for July-September, 2017 as against Tk 2.83 for July-September, 2016.

About 1.56 million shares of United Power were traded on the day, generating a turnover of more than Tk 291 million which was 4.80 per cent of the total DSE's total transaction.

Each share of the power generation company, which was listed on the Dhaka bourse in 2015 under book-building method, closed at Tk 187.50 on Tuesday, advancing 2.18 per cent over the previous day.

Meanwhile, the top ten traded companies accounted for nearly 24 per cent of the day's total turnover transaction on the DSE.

Dragon Sweater followed next, with shares of Tk 207 million changing hands. The company's share price closed at Tk 20.30, advancing 7.98 per cent over the previous day.

Lafarge Surma Cement notched the third spot, with shares of Tk 196 million changing hands. The company's share price rose 1.49 per cent to close at Tk 70.40.

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