Sinobangla allowed to raise Tk20.2cr issuing right shares
The Bangladesh Securities and Exchange Commission (BSEC), in a meeting on Tuesday, has allowed Sinobangla Industries Ltd to raise Tk20.2 crore by issuing 1.01 crore right shares.
The issue price of the right shares was set at Tk20 each, including a premium of Tk10. The company will issue one right share against two shares held by its existing shareholders.
The company will use the raised fund for machinery acquisition and loan repayment.
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At the end of September 2023, its quarterly earnings per share stood at Tk0.31 and net asset value per share at Tk28.65.
UCB Investment Limited is working as the issue manager of the company.
In the fiscal 2022-23, the company recommended a 10% cash dividend for its shareholders. Its annual earnings per share was Tk1.73.
Sinobangla's factory has two plastic bag manufacturing units, one for the local market and the other for exports.
As of 30 November 2023, sponsors and directors jointly held 30.61% shares of the company, institutions 4.51%, and general investors 64.88%.
Sinobangla's shares closed at Tk70.1 apiece on the Dhaka Stock Exchange on Tuesday.
