Loading...
The Financial Express

Nahee Aluminum’s IPO project to go operation tomorrow

| Updated: January 26, 2019 10:19:49


Nahee Aluminum’s IPO project to go operation tomorrow

Initial public offering (IPO) funded project of Nahee Aluminum Composite Panel is set to go commercial operation from tomorrow (Tuesday), officials said.

The company has imported required capital machineries for manufacturing the product of “Aluminum False Ceiling” by utilizing the said IPO proceeds and using the own fund of the company which has already been installed in the factory, said an official disclosure posted on the Dhaka Stock Exchange website on Monday.

The commercial production will be started from the new machineries with effect from January 15, 2019, said the disclosure.

According to the disclosure, annual production capacity of the new machineries for Aluminum False Ceiling is 83 lac sft., with market value of about Tk 500 million approximately.

As a result of this new product, revenue of the company is expected to increase by 30 per cent to 40 per cent from existing revenue, it added.

The company raised its paid-up-capital through IPO of Tk 150 million in 2017 with a view to repayment of term loan, establishment of new building and improving new plant and machineries for false ceiling production line of the company.

Each share of the company, which was listed on the DSE in 2017, closed at Tk 70.10 on Sunday.

In the last one year, the company’s share price hovered between Tk 45 and Tk 86.30 each.

The company approved 7.0 per cent cash and 10 per cent stock dividend for the year ended on June 30, 2018.

Its earnings per share (EPS) rose to Tk 0.94 for July-September 2018 as against Tk 0.66 for July-September 2017.

The net operating cash flow per share (NOCFPS) was Tk 0.37 for July-September 2018 as against Tk 0.01 for July-September 2017.

The net asset value (NAV) per share was Tk 15.72 as on September 30, 2018 and Tk 14.78 as on June 30, 2018.

The company’s paid-up capital is Tk 528 million and authorised capital is Tk 1.20 billion, while the total number of securities is 52.80 million.

The sponsor-directors own 39.58 per cent stake in the company, while institutional investors own 12.34 per cent, and the general public 48.08 per cent as on November 30, 2018, the DSE data shows.

[email protected]

Share if you like

Filter By Topic