Trading of Savar Refractories shares suspended as delisting greenlighted
The trading of the Savar Refractories Ltd shares trading was suspended from today as the securities regulator has greenlighted its delisting.
In August last year, owing to back-to-back losses and the overall poor condition of the business, the company decided to voluntarily exit the stock market.
Lutful Tahmina Khan, wife of Home Minister Asaduzzaman Khan, is currently the chairperson of Savar Refractories.
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Their son Safi Modassir Khan and daughter Shafia Tasnim Khan are the managing director and director.
Of the total shares, sponsor-directors jointly hold 50.7%, institutional investors 7.2%, and general investors 42.1%.
According to the company financials, its total equity and liabilities stood at Tk22.35 crore on 30 June 2022.
Its net asset value, which is revaluation asset value minus liabilities, stood at Tk13.08 crore.
The directors of the brick manufacturer want to buy out its shares held by general and institutional investors at a 58.4% discount on the market price in order to complete the firm's exit from the stock market.
Currently, each share is priced at Tk229.7 at the Dhaka Stock Exchange (DSE), but the directors have offered Tk95.5, according to the company's stock exchange filing in January this year.
