BSEC to probe ‘frauds’ by Libra Infusions

The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday formed an inquiry committee to investigate several allegations regarding the financial statements of Libra Infusions Limited.

A three-member inquiry committee will look into the reasons for the continual loss of the publicly traded company. The committee has been given 30 days to submit its probe report.  

BSEC Additional Director Mohammad Amdadul Hoque will lead the three-member committee. The other two members are Deputy Director Mohammad Ratan Miah, and Assistant Director Md Anwarul Azim. 

The stock market regulators’ officials said the commission is of the opinion that it is necessary to conduct an inquiry relating to the complaints lodged to the commission against Libra Infusions Limited and other irregularities. 

The BSEC hereby ordered an inquiry to be conducted relating to the abovementioned issues against Libra Infusions and appointed the three officers of the commission for the said inquiry. 

Libra Infusions, manufacturing intravenous fluids and parenteral drugs in Bangladesh, has disbursed a 5 per cent cash dividend for its shareholders for the year ending June 30, 2019.

At the end of June 30, 2019, Libra Infusions Limited posted earnings per share (EPS) of Tk1.05, and its net profit stood at Tk15.77 lakh.

Per share, loss was Tk 6.10 for January-March 2020 as against loss Tk 11.38 for the same period of the previous year.

Libra Infusions paid a 20 per cent stock dividend to its shareholders in 2018. The company disbursed 30 per cent cash dividend for the year ended on June 30, 2017.  In 2016, the company disbursed a 25 per cent cash dividend. The company’s paid-up capital is Tk 1.5 crore and its authorised capital is Tk 10 crore.

Each share of Libra Infusions, which was listed on the Dhaka Bourse in 1994, closed at Tk 951.90 on Thursday on the Dhaka Stock Exchange (DSE).

Sponsor-directors own 34.43 per cent stake in the company, while institutional investors own 13.02 per cent and the general public 52.55 per cent as on June 2022.

Intravenous (IV) Fluid, the product of the company, is lifesaving and basic medical necessity used in all medical situations involving diarrheal disease, surgical operations, loss of blood, weakness, and hospitalization in general.