Agro Organica allowed to raise Tk5cr from SME board
The Bangladesh Securities and Exchange Commission (BSEC), on Wednesday, allowed Agro Organica Limited to raise Tk5 crore from the SME platform of the stock exchanges through a qualified investor offer (QIO).
The company will issue 50 lakh shares at a face value of Tk10 each under the fixed price method, and spend the fund on factory expansion, plant and machinery acquisition, and bank loan repayment.
Agro Organica was incorporated in 2011 and it went into commercial operation in 2015. Its factory is in the BSCIC industrial area at Nowhata, Sherpur.
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The company manufactures various agricultural products like rice, saffron, isabgol, spices, ghee, jelly, and pickles for the local market.
In the July to March period of 2021-22 fiscal year, the company's earnings per share (EPS) stood at Tk1.12, and net asset value per share at Tk14.68.
In the July to September quarter of FY22, it made a net profit of Tk1.48 crore, which was Tk1.22 crore in the same period of the previous year.
And, its revenue was Tk12.32 crore, which was Tk10.70 crore a year ago.
During the quarter, its EPS stood at Tk0.39 and NAV per share at Tk13.95.
The company will not be able to declare any stock dividend for three years from its SME board listing.
Shahjalal Equity Management Limited is working as the issue manager of the company.
The company's authorised capital is Tk100 crore, and paid-up Tk38.30 crore. Sponsors and directors jointly hold 41.18% shares and other shareholders hold the rest.
