Libra Infusions shares rebound as factory resumes operations
Earlier, on 14 July, the DSE disclosed that a team had visited Libra’s head office and factory in Mirpur and found both closed
Shares of Libra Infusions – the country's largest producer of intravenous (IV) saline – rebounded yesterday after the company announced the resumption of production at its factory.
On the day, the stock price had surged by 4.32% to Tk816.40 on the Dhaka Stock Exchange (DSE).
Earlier, on 14 July, the DSE disclosed that a team had visited Libra's head office and factory in Mirpur and found both closed. Following the announcement, the company's share price dropped by 6.73% over the two trading sessions through 16 July.
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In response to the DSE's findings, Libra issued a price-sensitive statement clarifying that the factory had been temporarily shut from 13 to 16 July for scheduled maintenance and that production resumed on 17 July.
However, the DSE did not publish the company's statement on its website.
A senior DSE official told The Business Standard that the exchange received the disclosure at 4:13pm—after market hours—which is why it was not uploaded.
Attempts by TBS to contact Libra officials were unsuccessful as their phone found switched off.
Libra Infusions, Al-Arafah Bank spar over HC order
Earlier in December last year, Libra Infusions has announced that the High Court has directed Al-Arafah Islami Bank to provide financial assistance in line with a prior agreement.
The company said the ruling resolves its working capital shortage, clearing the way to resume full-scale production.
However, an official from Al-Arafah Bank, speaking on condition of anonymity, challenged Libra's interpretation of the ruling. The official claimed the court did not order any fresh financing but merely instructed the bank to maintain Libra's existing classified loan status until 11 January 2025, the date of the next hearing.
Libra is currently facing a Tk179.66 crore loan default case filed by the bank, and a Money Loan Court has restricted the company's directors from leaving the country since 1 December.
The company last published financials for July-March of FY22, showing a Tk4 earnings per share (EPS), which was a loss of Tk6.44 in the same period of the previous fiscal year. As of March 2022, its net asset value per share was Tk843. No financial updates have been released since.
