Beximco Limited has formally become a member on the board of the Bangladesh Shipping Corporation (BSC) by acquiring a 5.25 stake in the state-run company.
The publicly traded private sector company bought a total of 80,08,090 shares to secure the directorship at the state-owned listed company, according to a filing posted on the website of the Dhaka Stock Exchange (DSE) on Thursday.
Mostafa Zamanul Bahar would represent Beximco on the BSC’s board.
The agenda would be placed in the 45th annual general meeting (AGM) of the Bangladesh Shipping Corporation to be held on December 11 for the approval of its shareholders, the DSE filing read.
According to securities rules, an investor, individual or firm, can sit on the board of a company if they hold at least 2 per cent of the outstanding shares in the listed company.
Beximco posted a revenue of Tk1,919 crore in July-September this year, which was Tk 1,758 crore a year ago.
Its quarterly earnings per share (EPS) stood at Tk 3.83 this year against Tk 4.11 a year ago.
Beximco shares were traded at Tk115.6 per share on the DSE trading floor on Thursday.
On the other hand, BSC currently owns seven ships and several oil tankers and also operates charters ocean-going vessels from other operators.
The vessels are being used to ship ready-made garments and other export items, and also to import crude oil from Saudi Arabia and the UAE.
The Bangladesh Shipping Corporation declared a 20 per cent cash dividend to its shareholders for the fiscal year 2021-22.
Its earnings per share (EPS) stood at Tk 3.98 for the first quarter (July–September) of the current fiscal year (FY23) which was Tk 4.34 for the same quarter last fiscal.