The Dhaka Stock Exchange on Sunday placed the shares of Familytex (BD) Limited under ‘Z’ category from ‘N’ category only one and a half months after its listing as the company failed to declare any dividend for the financial year ended on December 31, 2012.
Familytex raised Tk 34 crore by offloading 3.40 crore shares at an issue price of Tk 10 per share after the Bangladesh Securities and Exchange Commission on January 22 had approved the initial public offering of the company.
As a newly-listed scrip, the trading of the company’s shares started under ‘N’ category in June.
The share price of the company declined by 4.25 per cent to Tk 34 on Sunday after the DSE had made the decision to downgrade its category.
‘Before approving IPO of a company the capital market regulator should verify properly that the company will be able to issue some dividends to its shareholders,’ former BSEC chairman Faruk Ahmed Siddiqi told New Age.
According to the financial statement of the company as on December 30, 2011, the earning per share of the company was Tk 0.92 while net asset value was Tk 11.82.
As per the half-yearly report of the company published on July 31, the company reported net profit after tax of Tk 45.35 crore with an EPS of Tk 4.13.
The paid up-capital of the company was Tk 6 crore in 2010, which was increased to Tk 105 crore before it applied for IPO.
The company made corrections in its prospectus five times after submitting it to the BSEC.
Familytex issued placement shares of Tk 21.50 crore before it got approval for offloading shares in the capital market through IPO.
-With New Age input
