The board of directors of Berger Paints Bangladesh has decided to invest Tk 76.05 million in its associate company-Berger Fosroc Ltd.
“The board of directors has resolved that the company will invest a tentative amount of Tk 76.05 million in the ordinary share capital of Berger Fosroc where Berger Paints Bangladesh has 50 per cent equity holding,” said an official disclosure on Sunday.
The amount will be utilised for establishment of factory, said the disclosure.
Berger Paints Bangladesh, market leader in Bangladesh Paints Industry, and UK-based construction solutions provider Fosroc International, a global leading company in the field of Construction Chemicals, formed “Berger Fosroc Limited” in 2018.
Berger Fosroc Ltd provides solutions to all sectors of the construction industry, specialising in solutions for building construction, industrial facilities, power plants and all types of transportation and civil infrastructure.
Berger Paints Bangladesh and Fosroc International held equal stakes in the entity.
The board of directors of Berger Paints has declared 295 per cent cash dividend for the year ended on March 31, 2020.
The annual general meeting (AGM) will be held on July 28 at 10:00am through a digital platform.
The record date is July 12.
The company has also reported consolidated earnings per share (EPS) of Tk 52.22, consolidated net asset value (NAV) per share of Tk 204.20 and consolidated net operating cash flow per share (NOCFPS) of Tk 81.90 for the year ended on March 31, 2020 as against Tk 44.27, Tk 176.97 and Tk 55.26 respectively for the same period of the previous year.
There will be no price limit on the trading of the shares of the company today (Sunday) following its corporate declaration; however, as per the BSEC Order dated March 19, 2020, the floor price shall be applicable accordingly.
Berger Paints Bangladesh, one of the oldest names in the paint industry, was listed on the Dhaka Stock Exchange in 2006. Each share of Berger closed at Tk 1,308.60 on Thursday. In the last one year, its share traded between Tk 1,208 and Tk 1,614.80 per share.
In 2019, the multinational company disbursed 250 per cent cash dividend.
The company’s paid-up capital is 463.78 million, authorised capital is Tk 1.0 billion and the total number of securities is 46.37 million.
Sponsor-directors own 95 per cent stake in the company while institutional investors 2.45 per cent, foreign investors 1.14 per cent and general public only 1.41 per cent as on February 29, 2020, the DSE data showed.