Hakkani Pulp's sponsors to sell 3 lakh shares
Three sponsor-directors of Hakkani Pulp and Paper Mills Limited have expressed their intention to sell three lakh shares from their holdings in the company at the prevailing market price of the Chittagong Stock Exchange (CSE).
According to stock exchange disclosures, Mohammed Golam Kibria, Golam Rasul Muktadir, and Mohammed Golam Morshed will sell one lakh shares each from their total holdings of 12.45 lakh, 15.67 lakh, and 15.67 lakh shares, respectively.
Seeking anonymity, a company official said that the three sponsor-directors want to sell their shares for personal reasons. He added that they have available shares to meet the minimum shareholding requirements.
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All shares will be sold on the block market within the next 30 working days.
From July to September 2022, the revenue of the paper producer and marketer stood at Tk20.30 crore, up from Tk7.23 crore a year ago.
It reported a net loss of Tk0.87 crore, and its net loss per share stood at Tk0.45.
The board of the company recommended a 1% cash dividend for its general shareholders other than sponsors or directors, for the fiscal 2021-22.
During the year, it logged revenue of Tk53.82 crore and incurred a loss of Tk2.60 crore.
The company was listed on the stock exchange in 2001, and its main goals are to manufacture various types of pulp, papers, and tissue products.
By December 2022, sponsors and directors held 46.26% of the company's shares, institutional investors 3.09%, and general investors 50.50%.
The last trading price of its shares was Tk56.90 on the Dhaka Stock Exchange.
