Home ›› 20 Mar 2022 ›› Front
Beximco Synthetics, a textile unit of Beximco Group, has declared exit plan from the stock market.
For executing the plan, the company has deposited over Tk 27.88 crore in an escrow bank account with Mercantile Bank, the company said in a filing with the Dhaka Stock Exchange recently.
Beximco Synthetics will buy back shares from general shareholders at the face value of Tk 10, as per the notice of the company.
Shareholders have to apply to sell their shares from March 14, 2022 to April 28, 2022.
“We have already made plans in detail in this regard. It will be delisted accordingly,” Beximco Synthetics Company Secretary Mohammad Asad Ullah told The Business Post.
Two years back, the company, a producer of polyester yarn that suffered a long spell of losses, sought permission from the Bangladesh Securities and Exchange Commission (BSEC) to delist stock from the Dhaka Stock Exchange and Chittagong Stock Exchange.
It got the regulator’s approval for exit on January 4, 2022.
Beximco Synthetics was listed on the DSE on November 04, 1993 and CSE on November 06, 1995.
The public holds a total of 55,778,623 ordinary shares amounting to over Tk 55 crore, making up 64.33 per cent of the total paid up capital.
Accordingly, the directors and sponsors hold 30,933,736 ordinary shares worth over Tk 30 crore, accounting for 35.67 per cent of the total paid-up capital.
Beximco Synthetics sponsors or associates ASF Rahman holds a total 46.93 per cent or 26,179,190 shares.
Beximco Group Vice Chairman Salman F Rahman is holding 43.45 per cent or 24,237,780 shares.
Of the total stake, Beximco Holdings Limited has 04.95 per cent, New Dacca Industries 04.45 per cent, and Shinepukur Ceramics 0.21 per cent.
Under the exit plan, the stock exchange will maintain and operate a BO account for consolidation of securities bought or acquired under the exit plan as well as clearing and settlement of such securities. If a securities holder accepts the offer under the exit plan and is willing to surrender or sell his securities at a price of the offer, the securities holder shall duly fill up and sign a transfer or sale request form, or any form as prescribed by the stock exchanges.
Provided that in case of securities in paper form, the securities holders shall surrender or deposit their securities certificates as well as submit securities transfer form or any forms, as prescribed by the stock exchange after having them duly filled up and signed, to the designated counter of the stock exchanges under the exit plan. The company’s share trading remains suspended since September last year following the instruction of the BSEC.
