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Taufika Foods and Lovello Ice-cream is going to increase its Rollo Stick Ice-cream production volume in order to meet the growing market demand.
To execute this plan, the listed ice-cream maker has revised up its IPO proceeds expenditure plan and decided to procure Rollo-Stick Ice-cream making machinary, instead of previously planned Cone baking machine.
The decision has been approved at the annual general meeting (AGM) held on Tuesday, the company said in a news filing with the Dhaka Stock Exchange (DSE).
Lovello had raised Tk 30 crore from the capital market at the beginning of the current year by offloading three crore ordinary shares at a face value of Tk 10 each.
According to its IPO prospectus, the company used Tk 2.8 crore of the proceeds to meet IPO expenses, Tk 9.04 crore to acquire machinery, Tk 5.78 crore to purchase freezer, Tk 2.06 crore to purchase vehicles, Tk 1.32 crore for investment in deport to increase, and Tk 9 crore for bank loan repayment.
At the AGM, the shareholders also approved 11 per cent cash for the year ending on June 30, 2021.
This is the maiden dividend payout by the company since its listing on the Dhaka bourse.
Despite significant decline in sale volume, Lovello managed to bag a good profit in the last financial year as its operating expenses subsided to a good extent during the period.
Lovello made a profit of Tk 9.5 crore in FY21, up by 53 per cent than the previous year. It made Tk 6.2 crore profit in the FY20.
Taufika Foods and Lovello Ice-Cream PLC was incorporated as a private limited company in 2011. Later, it was converted into a public limited company dated in 2019 and got listed with DSE and CSE in February, 2021.
The company also changed its name from Taufika Foods and Agro Industries Limited to Tauflka Foods and Lovello Ice-Cream PLC on June 20, 202I.
The Company started its commercial operation on January 02, 2016.
