Baraka Power director to sell his entire holding
NRB Ventures (Pvt) and Fusion Holdings (Pvt) have expressed their interest in buying the shares
Abdul Bari, vice-chairman and director at Baraka Power, has expressed his intention to sell his entire holdings of the company, a private power producer.
The shares will be bought by NRB Ventures (Pvt), and Fusion Holdings (Pvt). At present both companies are serving as directors on the board of Baraka Power. They hold 5.42% and 2.90% shares respectively.
According to the company's latest shareholding report, Abdul Bari, a director of the company, holds 47,14,138 shares or 2% of the total shares of Baraka Power.
Keep updated, follow The Business Standard's Google news channel
In a disclosure on Monday, the company said the shares will be sold in the block market.
NRB Ventures (Pvt) and Fusion Holdings (Pvt) have expressed their intention to buy 20,45,579 shares and 26,68,599 shares respectively at the prevailing market price within 30 working days at the Dhaka Stock Exchange.
In FY22, its net profit after tax declined by 28% to Tk50.13 crore in its associate companies due to the appreciation of the dollar against the taka. It paid a 10% cash dividend to the shareholders for FY22.
In the first half, July-December of the 2022-23 fiscal, Baraka Power incurred a loss of Tk9 crore owing to foreign currency exchange loss in associate companies and a decrease in power supply demand.
At the same time in the previous fiscal year, its profit was Tk39.85 crore.
Baraka Power, a collaboration of locals and a group of non-resident Bangladeshi entrepreneurs, was incorporated in 2007 and got listed on the stock exchanges in 2011.
