BSEC inquiry team to probe Metro, Maksons Spinning’s financials
The committee will submit its findings to the BSEC within 30 working days
The Bangladesh Securities and Exchange Commission (BSEC) on Sunday has formed an inquiry committee to review the financial statements of two listed firms of Maksons Group - Maksons Spinning Mills Ltd and Metro Spinning Ltd.
Both companies manufacture yarn and sell it to the export-oriented knit garments industry.
BSEC's Additional Director Md Kawsar Ali, Deputy Director Md Shahnows, and Assistant Directors Al Farhad Bin Kashem and Mahmudur Rahman are the members of the committee.
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The committee will review the undistributed cash dividends, and non-refunded public subscription money against the initial public offering (IPO), held in the accounts of the companies since listing.
It will also look into the Workers' Profit Participation Fund's (WPPF) status since the companies' listing in the Labor Act 2006.
The team will also review the scrutiniser report concerning the last annual general meetings of the companies and their financial statements for the last three years.
It will submit its findings to the BSEC within 30 working days.
This reporter tried to contact both companies' officials over the phone for comments but neither of them commented in this regard.
Metro Spinning
Metro Spinning Limited was listed on the stock exchanges in 2002.
In October 2021, the company decided to invest Tk200 crore for the reconstruction and expansion of its factory and the installation of new machinery to cater to the growing demand for apparel abroad.
The company set a target of Tk300 crore revenue from the expansion project.
From July to March 2022, the company's revenue was Tk72.87 crore and its net profit was Tk6.24 crore.
During the period, its financial expenses stood at Tk4.64 crore, and earnings per share (EPS) at Tk1.01.
As of 31 May, sponsors and directors jointly held 30.09%, institutions 10.19%, and general investors 59.72% of the company shares.
Metro Spinning shares closed at Tk26.10 per share on the Dhaka Stock Exchange (DSE) on Sunday.
Maksons Spinning
Maksons Spinning was listed on the stock market in 2009.
From July to March 2022, its revenue was Tk515.06 crore and its net profit was Tk61.58 crore.
During the period, its financial expenses stood at Tk26.02 crore, and earnings per share (EPS) at Tk2.59.
As of 31 May, sponsors and directors jointly held 30%, institutions 13.37%, and general investors 56.63% of the company shares.
Maksons Spinning shares closed at Tk24.70 per share on the DSE on Sunday.
