The securities regulator has formed a committee to review the utilisation of Tk332 crore raised by an initial public providing (IPO) and a zero-coupon bond by Mir Akhter Hossain Restricted – a construction big.
The three-member panel, situation up on 27 November, will stare the company and post its yarn to the commission within 60 working days, in step with BSEC officers.
Sources in the company, speaking on situation of anonymity, told The Industry Long-established that they’ve a letter referring to the inspection. The inspection team plans to behavior a physical talk over with and check equipment as per the commission’s direct, they added.
BSEC Additional Director Md Faruque Hossain heads the committee, which also entails Deputy Director Md Shahnows and Assistant Director Md Ariful Islam.
Earlier in March this 365 days, the commission had constituted an inspection team for this honest. On the different hand, the previous team turn out to be as soon as unable to proceed consequently of a commission resolution. The new commission has now taken the initiative to resume the inspection.
In November 2020, the commission popular Mir Akhter Hossain Restricted to take Tk125 crore by an initial public providing below the e book-constructing map to extend its exchange, have equipment, and repay bank loans. The decrease-off label of Mir Akhter shares turn out to be as soon as situation at Tk60 every after the bidding assignment.
The IPO funds had been supposed to be utilised within 18 months. On the different hand, the construction and engineering firm accomplished its stutter of IPO proceeds by September last 365 days.
In March 2022, the securities regulator popular the issuance of the Mir Akhter Zero Coupon Bond value Tk249.90 crore to refinance debt and decide up bigger capital equipment. The bond’s insist label turn out to be as soon as Tk207.17 crore, with a decrease label charge of seven% to 9%.
From July to September 2024, the company’s consolidated revenue dropped by 50%, to Tk37.67 crore from Tk74.83 crore for the period of the identical period in the previous 365 days.
For the duration of this time, its consolidated get revenue after tax fell by 12%, to Tk2.82 crore from Tk3.21 crore a 365 days ago. Its consolidated earnings per piece stood at Tk0.23, while its get asset label per piece turn out to be as soon as Tk50.32 as of the discontinuance of September 2024.
In FY24, the company suggested a 10% cash dividend for its shareholders. For the duration of the 365 days, its revenue stood at Tk268.74 crore, while its revenue after tax amounted to Tk30.04 crore.
As of January 31, 2024, sponsors and administrators collectively held forty eight.58% of the company’s shares, establishments held 4.26%, and frequent investors held 47.16%.
The corporate’s piece label increased by 9.71%, to Tk33.90, on the Dhaka Stock Change on Thursday.
At the moment, Mir Akhter Hossain Restricted has 33 ongoing projects value Tk9,268 crore, in step with the company’s annual yarn for fiscal 365 days 2022-23.
About a of its indispensable projects comprise the Dhaka-Sylhet Nationwide Toll road, the construction of Shah Amanat World Airport, the construction of a bridge over the Payra River, and a kind of road projects across the nation.
With out reference to a decline in exchange performance since its stock market itemizing in 2021, Mir Akhter appears forward to a promising future consequently of its a hit bids for a kind of authorities projects, in step with market insiders.
In its FY23 annual yarn, the company said that the construction sector has benefitted from increased capital allocation in the authorities’s annual construction funds.
The yarn also highlighted so a lot of challenges faced by the nation, along side exchange boundaries, the appreciation of the greenback, high energy costs, and the ongoing Russia-Ukraine struggle.
