Golden Harvest Agro Industries, which is engaged in the frozen food and ice cream business, has decided to extend time for utilisation of unused rights share issue fund until January 21, 2023.
"Shareholders of the company have approved the time extension in its 17th annual general meeting held on Thursday through a digital platform," said the company in a filing with the Dhaka Stock Exchange (DSE) on Thursday.
Now, the company will apply to Bangladesh Securities and Exchange Commission (BSEC) for regulatory approval of the time extension, said the company.
The company has wanted to extend time for utilisation of unused rights share issue proceeds until January 21, 2023 (one year from existing time) as a special resolution, according to the filing.
In December 2019, Golden Harvest Agro Industries raised a capital worth Tk 899.32 million by issuing 89.93 million rights shares for expansion of existing production and distribution channels and repayment of bank loans.
The food and allied sector company issued three rights shares against four existing shares (3R:4) at an offer price of Tk 10 each.
The rights issue is an offer of new shares by a company to its existing shareholders in proportion to the shares they already own and usually at a discount to market price.
Each share of Golden Harvest, listed on DSE in 2013, closed at Tk 16.50 on Thursday, remaining unchanged over the previous day.
The company bounced back to profit in the July-September 2021 after incurring losses in four consecutive quarters.
The company has reported consolidated earnings per share (EPS) of Tk 0.02 for July-September 2021 as against minus Tk 0.34 for July-September 2020.
Meanwhile, the Company has been placed in "B" category from existing "A" category with effect from January 02, 2022 as the company has approved 3.0 per cent final cash dividend to the general shareholders other than sponsors/directors (Total 5.0 per cent cash dividend inclusive 2.0 per cent interim cash dividend, which has already been paid) for the year ended on June 30, 2021.
In 2020, the company declared 'No" dividend. It disbursed 7.0 per cent cash and 5.0 per cent stock dividend in 2019.
The company's paid-up capital is Tk 2.15 billion and authorised capital is Tk 2.50 billion, while the total number of securities is 215.83 million.
