Golden Harvest Agro Industries, a publicly traded company, has decided to shut down its e-commerce business a year after its launching, citing unstable economic outlook for the country.
The board of directors of the food processing company decided not to run the e-commerce platform due to the unstable economic outlook for the country, the company said in a filing with the Dhaka Stock Exchange (DSE) on Monday.
The company had launched their e-commerce venture, Golden Harvest Survus Ltd, in August 2021 for restaurant booking, food delivery as well as grocery and medicine delivery.
The Golden Harvest owns 45 per cent stakes in the e-commerce business, which is equivalent to Tk 50 million (approximately).
The company's share price closed at Tk 18.30 on Monday, remaining unchanged over the previous day.
The company's consolidated earnings per share (EPS) stood at Tk 0.08 for July 2021-March 2022 as against a loss of Tk 0.85 per share for the same period of the previous year.
Its consolidated net operating cash flow per share (NOCFPS) was Tk 0.67 for July 2021-March 2022 as against minus Tk 0.14 for July 2020-March 2021.
The company's consolidated net asset value (NAV) per share was Tk 14.07 as on March 31, 2022 and Tk 14.15 as on March 31, 2021.
The company, listed on the DSE in 2013, disbursed a 5.0 per cent cash dividend for the year ended on June 30, 2021.
Currently, the company's paid-up capital is Tk 2.15 billion, authorised capital is Tk 2.50 billion and the total number of securities is 215.83 million.
Sponsor-directors own 32.89 per cent stake in the company while the institutional investors own 36.87 per cent, foreign investors 0.09 per cent and the general public 30.15 per cent as of July 31, 2022, the DSE data show.
Golden Harvest Agro Industries is one of the leading food processing companies in the country, especially in the ready-to-cook frozen food sector.
