Quasem Drycells takes development plan

| Updated: October 24, 2017 06:59:01

Quasem Drycells recommends 18pc div

The board of directors of Quasem Drycells Limited (QDL) has recommended 18 per cent stock dividend for the year ended on June 30, 2017, said an official disclosure on Wednesday.

The board has also taken some development plans and decided to change the company’s name from “Quasem Drycells Limited” to “Quasem Industries Limited” and the relevant clauses of Memorandum and Articles of Association will also be changed, subject to approval by the shareholders in the 36th AGM.

The final approval will come during the Annual General Meeting (AGM) scheduled to be held on December 14 at 10:30am at Mohakhali in Dhaka.

The record date for entitlement of dividend is on November 8, 2017.

The company has also reported EPS of Tk 2.15, NAV per share of Tk 44.69 and NOCFPS of Tk 2.83 for the year ended on June 30, 2017 as against Tk 2.03, Tk 47.47 and Tk 2.68 respectively for the same period of the previous year.

The board has also decided to take some development programmes. They have established a new fully-automatic high pressure can manufacture line. They have also completed the set-up of a can filling line, this line can be used to fill the high-pressure cans they are already producing with products such as Air Freshener, Deodorant Spray, Hair Spray, Shaving Foam.

The company has also established a new line to produce UM-1 Vinyl Jacket battery to replace the previous line that they had.

As a short-term plan, they decided to establish a food and beverage can manufacture line, easy opener food and beverage can manufacture line, increase production capacity of battery manufacturing plant.

They are exploring a number of different projects for long-term investment. The options they are exploring include a flexible packaging plant, aluminium can manufacturing facility, full-fledged hospital and a corporate headquarters cum distribution hub.

There will be no price limit on the trading of the shares of the company today (Wednesday) following its corporate declaration.

Each share of the company, which was listed in 1989, closed at Tk 88.90 each on Tuesday at Dhaka Stock Exchange (DSE).

The company’s paid-up capital is Tk 445.27 million and authorised capital is Tk 2.0 billion while total number of securities is 44.53 million.

The sponsor-directors own 30.02 per cent stake in the company, institutional investors own  19.90 per cent, and the general public 50.08 per cent as on September 30, 2017, the DSE data shows.

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