BSEC approves Alif Manufacturing’s revised fund utilisation plan

The Bangladesh Securities and Exchange Commission (BSEC) has approved the revised plan of Alif Manufacturing to utilise its Tk109.39 crore fund that the company raised through issuing right shares back in 2018.

The company was supposed to complete the fund utilisation by June 2019.

In its last annual general meeting, Alif Manufacturing secured approval of its general shareholders regarding the revised plan under a special resolution. After that, it applied to the BSEC for extension of fund utilisation time till December 2022.

But by the time the regulator approved Alif's request, which was on 31 January, the company had already completed utilising the fund.

Alif Manufacturing's Managing Director Azimul Islam told The Business Standard, "The fund utilisation was delayed owing to the Covid-19 pandemic, and other complications. Therefore, we sought regulatory approval of the revised plan and time extension. Now, we are done utilising the fund fully."

The BSEC had approved Alif's issuance of right shares in 2017. The company then raised the fund in February 2018 for business expansion.

In its annual report, the company said due to Covid-19 pandemic, the construction works of the factory were hampered severely. For this reason, the management could not complete full utilisation of the fund in due time.

Alif Manufacturing Company was listed on the stock exchanges in 1997.

In the 2021-22 fiscal year, it made a profit of Tk15.20 crore, 32% higher from the previous fiscal year.