Dhaka Fisheries to hold AGMs after 13 years
The authorities of Dhaka Fisheries Limited, a de-listed non-performing company on the stock exchanges, have decided to hold annual general meetings (AGMs) after thirteen years as its owners want to resume its operation with a new project this year.
Dhaka Fisheries did not hold any AGM since the 2009-10 fiscal year.
Company sources said that the company will hold all the pending AGMs on 29 March as per a High Court order.
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Recently, the Bangladesh Securities and Exchange Commission (BSEC) has decided to shift the company to the small capital platform on some conditions. The company has been trading in the over-the-counter (OTC) market of the stock exchanges since 2009.
The company was listed on the stock market in 1996. Due to weak financial conditions and non-operation, the company was sent to the OTC market.
According to DSE data, the last price of the company's shares was Tk120 each.
In a board meeting in July last year, the company decided to operate the new fisheries project on a 4,445-decimal area in Sherpur, said sources at Dhaka Fisheries Ltd.
The company has signed a five-year lease agreement, to be effective from July this year, with the owner of the property for five years, which may be extended further, said sources.
It will invest Tk2 crore as project development cost and working capital to make the fisheries project functional. The estimated annual turnover of the project is Tk1.5 crore with an estimated net profit of Tk30 lakh.
