Home ›› 04 Jul 2022 ›› Stock
BD Thai Food and Beverage Limited got approval from BSEC to bring changes to the use of initial public offering (IPO) proceeds.
The newly listed company arranged an extraordinary general meeting (EGM) to secure shareholder approval for the amended utilization plan. The EGM held on May 9.
After EGM, The Company informed that the Bangladesh Securities & Exchange Commission (BSEC) has approved the alternation of use of IPO proceeds of the company, said a filing with the Dhaka Stock Exchange on Sunday.
As per the original plan in the IPO prospectus approved by the Bangladesh Securities and Exchange Commission in November last year, a tunnel oven worth Tk 2.84 crore was included in the use of IPO proceeds.
As per the latest decision of the board, the fund will be utilised in importing a rotary oven and packing machine solution worth over Tk 84 lakh from China’s Shanghai Megahoo International Trade Co. Ltd, another rotary oven worth Tk 18.57 lakh from India’s CS Aerotherm Pvt. Ltd instead of one tunnel oven from Shanghai Yixun Machinery Manufacturing Co Ltd.
And two sets of mold parts worth Tk 51.77 lakh from China’s Guangzhou Huayan Precision Machinery Co Ltd and another set of mold parts worth Tk 8.6 lakh from China’s Taizhou Hongyan Sica Mold Co. Ltd. They will be procured for neck conversion of injection molding machine molds for the shorter neck of the beverage bottles with capacities of 250ml, 500ml, and 1 liter, which will lead to huge cost savings.
The rest of the amount over Tk 1.21 crore will be utilized for procuring different types of machinery like 250 KVA diesel generator, 500 kg boiler etc., and for construction purposes, the company said.
BD Thai Food and Beverage processes different sorts of fruit juices, carbonated beverages, drinking water, hard candies, soft candies, lollipops, and gums.
The company markets its products under the brand name “Nectar”, and distributes them through 260 dealers.
The BD Thai Food raised Tk 15 crore public issues on December 23 last year under the fixed price method.
Its share price rose 3.10 per cent or Tk 36.60 traded on sunday in DSE.
