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MONDAY, JUNE 09, 2025
Intraco Refueling conditionally allowed to issue Tk50cr bond

Stocks

Salah Uddin Mahmud
05 June, 2023, 10:10 pm
Last modified: 05 June, 2023, 10:11 pm

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Intraco Refueling conditionally allowed to issue Tk50cr bond

Salah Uddin Mahmud
05 June, 2023, 10:10 pm
Last modified: 05 June, 2023, 10:11 pm
Intraco Refueling conditionally allowed to issue Tk50cr bond

The Bangladesh Securities and Exchange Commission (BSEC), with some conditions, has recently allowed Intraco Refueling Station Limited to issue a convertible bond worth Tk50 crore.

BSEC Executive Director Mohammad Rezaul Karim said the commission has issued a letter of intent in this regard.

Where the fund will be used

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  • 5 LPG auto gas stations
  • 5 mother-daughter CNG stations
  • 3 CNG filling stations
  • 40% as working capital

"Now, for a letter of consent from the commission, the company will have to submit Credit Information Bureau (CIB) clearance and full utilisation report of its initial public offering (IPO) fund to the BSEC," he added.

Meanwhile, the company's share price jumped by 38% to Tk52.4 at the Dhaka Stock Exchange in nine working days.

City Bank Capital Resources Limited, an issue manager of Intraco's bond, did not make any comment in this regard.

Intraco Refueling's Company Secretary GM Salahuddin said the company will spend this fund for business expansion.

"We will set up five LPG auto gas stations, five mother-daughter CNG stations, and three CNG filling stations. 40% of the Tk50 crore fund will be used as working capital."

But the final procedure of the bond will be decided after getting consent from the regulator, he added.

He also said the company's IPO project is set to go into commercial production. But some of the equipment is yet to be installed.

Recently, Intraco Refueling has signed a 10-year contract with Sundarban Gas Company Limited to ship surplus gas from the fields of Bhola to industries in Dhaka and Gazipur from this September, bringing much-needed relief to the gas-hungry factories.

The company expects a significant boost in its revenue and profit from transporting surplus gas in compressed form from Bhola gas fields to industries in Dhaka and Gazipur.

"For example, if the turnover of the company is Tk100, it will triple to Tk300, and the profit margin will also increase considerably," said GM Salahuddin earlier.

He said the company already owns land in Bhola, and initially, some machinery has been installed there to transport gas, adding the shipping of gas will begin within the next two to three months.

Initially, it will be possible to bring 5 million cubic feet of gas per day (mmcfd). In the next one year, gas imports will increase to 20 mmcfd, he added.

Industries will have to pay Tk47.60 for a unit of gas – cubic metre – though the current rate of industrial gas is Tk30 per unit. From the price, the Sundarban Gas Company will get Tk17.10 and Intraco Refueling will get the rest of the amount for transporting, compressing, and other costs.

Amid an outcry from different energy-starved industries, Prime Minister's Energy Adviser Tawfiq-e-Elahi Chowdhury floated the idea of fetching 80 mmcfd of gas in October last year.

Intraco posted a revenue of Tk108 crore and a net profit after tax of Tk10.34 crore in the fiscal 2021-22.

As of 30 April 2023, sponsors and directors jointly held 30.06%, institutions 21.82%, and the general public 48.12% shares in the company.

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Intraco / Bond

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