Rights shares subscription of Golden Harvest Agro Industries is set to begin on December 08, aiming to raise a capital worth Tk 899.32 million.
Rights subscription of the "Food & Allied" sector company will continue until December 30 this year, officials said.
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.
The record date for entitlement of rights share is on October 30.
The Bangladesh Securities and Exchange Commission (BSEC) approved the company's application to raise Tk 899.32 million through issuance of 89.93 million rights shares on October 01.
As per the BSEC approval, the Golden Harvest will issue three rights shares against four existing shares (3R:4) at an offer price of Tk 10 each.
As per the rights offer document for the period ended on September 30, 2018, the company's net asset value (NAV) per share and earnings per share (EPS) are Tk 22.96 and Tk 0.64 respectively.
The purposes of rights issue are to raise further paid-up capital for expansion of existing production and distribution channels and pay off bank loan of the company.
Each share of Golden Harvest Agro Industries, which was listed on Dhaka Stock Exchange in 2013, closed at Tk 26.90 on Thursday, losing 0.37 per cent over the previous day.
The company's earnings per share (EPS) stood at Tk 0.66 for January-March 2019 as against Tk 0.30 for January-March 2018.
In nine months for July 2018-March 2019, its EPS was Tk 1.55 as against Tk 1.13 for July 2017-March 2018.
The net operating cash flow per share (NOCFPS) was Tk 2.67 for July 2018-March 2019 as against Tk 3.22 for July 2017-March 2018.
The net asset value (NAV) per share was Tk 21.84 as on March 31, 2019 and Tk 19.48 as on March 31, 2018.
The company disbursed 10 per cent stock dividend in 2018.
The company's paid-up capital is Tk 1.19 billion and authorised capital is Tk 2.50 billion, while the total number of securities is 119.90 million.
The sponsor-directors own 33.03 per cent stake in the company, institutional investors own 46.81 per cent, and the general public 20.16 per cent as on August 31, 2019, the DSE data shows.
