The shareholders of Golden Son at an extraordinary general meeting has rejected proposed rights offer of the listed company due to high premium. The shareholders of the company has disapproved the rights offer as they did not want to pay the premium proposed by the company’s board of directors at the present market condition, sources present in the EGM told New Age.The EGM of Golden Son held on Saturday at Chittagong Boat Club in the port city.
‘The board of directors of Golden Son may offer rights shares again if the market situation improves,’ a Golden Son official told New Age on Sunday.
The official, however, said that the company would continue its business expansion plan by taking finances from banks.
The board of directors of Gold Son on May 15 this year decided to issue one rights share against its existing two shares at an issue price of Tk 30 including a premium of Tk 20.
The company proposed the rights offer to increase its paid-up capital for expanding its existing business, a DSE web post had said earlier.
The company in 2010, after its enlistment with the capital market in 2007, issued one rights share against its one share.
Golden Son since 2008, except in 2011, issued bonus shares to its shareholders in every year to increase its paid-up capital.
The shareholders of the company got total 26 per cent cash dividend since its enlistment with the stock exchange.
The net profit after tax of the company was Tk 38.18 crore in 2013 with an earning per share of Tk 3.13 and net asset value of Tk 31.36.
-With New Age input
