Himadri to increase authorised capital to meet regulatory requirement
Himadri Ltd, a listed firm under the SME platform of the Dhaka Stock Exchange (DSE), has decided to increase its authorised capital from Tk2 crore to Tk50 crore to comply with the regulatory requirement.
The company, a subsidiary of Ejab Group, also called an extraordinary general meeting on 1 August this year. The record date for the meeting is 10 July.
The company announced this disclosure on the DSE website after its shares price jumped by nine times since 26 April at the SME platform. Its shares were traded at Tk377.3 each on Monday, which was only Tk35 two months ago.
Himadri Limited, incorporated in 1974, mainly provides cold storage facilities for agro-based products such as potatoes in the North of Bangladesh. Currently, it has six potato cold storages- in Rangpur, Bogra, Joypurhat, Thakurgaon, Gaibandha, and Dinajpur.
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A senior official of the company seeking anonymity said Himadri is an old company, which was enlisted on the main board of the DSE earlier. The company wants to come back to the main board of the bourse again.
If the company wants to come back to the main board, it has to fulfil some regulatory requirements. As a part of the requirements, the company decided to increase its authorised capital, he added.
To meet growing demand, the company has a plan to increase the number of cold storages in different locations of the country and also expand the product range of items that can be stored other than potatoes like some fruits and vegetables, he further added.
In September 2021, Himadri Limited was shifted from the over-the-counter (OTC) market to the SME platform. At the OTC market, the company's shares were last traded on 8 March 2014.
According to the DSE, Himadri Limited has a total of 7.5 lakh shares, whereas only 700 shares are being traded on the SME platform. Due to fewer free float shares, in August last year, the Bangladesh Securities and Exchange Commission (BSEC) directed the company to offload its 10% shares to general investors.
From October to December 2022, its net profit stood at Tk4.06 crore, which was Tk1.99 crore in the same period of the previous year, according to the stock exchange disclosure.
Its earnings per share was Tk54.14, which was Tk26.51 in one year ago.
In the first six months of the current fiscal year, its net profit stood at Tk3.70 crore, which was Tk2.26 crore in the same period of the previous year. Its net asset value per share stood at Tk1876.72 at the end of December 2022.
As of 30 June 2022, sponsors and directors jointly held 98.43%, government 1.48%, and the general public 0.09% shares in the company, according to the DSE website.
