Home ›› 14 Mar 2023 ›› Stock
Absolute Construction & Engineering Ltd, a Singapore-based infrastructure company, has announced its plan to buy 1.70 crore shares of Beximco Pharmaceuticals Ltd.
On Monday, Beximco Pharmaceuticals informed on the Dhaka Stock Exchange website that their company’s corporate director IFIC Securities Limited will sell 1.70 crore shares to another corporate director, Absolute Construction & Engineering Ltd. The DSE filing states that the shares will be traded on the block market within the next 30 working days.
Debbrata Kumar Sarkar, former chief researcher at BRAC-EPL Investment Limited, said, “Transactions in the block market are mainly done as part of pre-planning. A large number of shares are transferred from one party to another. As a result, the 1.70 crore shares announced for sale by IFIC Securities Ltd will go to Absolute Construction & Engineering.”
Beximco Pharmaceuticals Company Secretary Mohammad Asad Ullah told The Business Post, “Absolute Construction & Engineering are already with us as a corporate director. If they buy shares, their holdings of Beximco Pharma will naturally increase.”
Beximco Pharma logged a net profit of Tk 265 crore in first six months of fiscal year 2022-23 against a profit of Tk 313 crore in the same period of the last fiscal year.
The consolidated EPS of Beximco Pharma stood at Tk 6.02 for the July-December period of FY23 against Tk 7.12 for the corresponding period of FY22.
Its total revenue stood at Tk 1,968 crore at the end of the first half of the current fiscal year, up 16 per cent compared to the same period of the last fiscal.
Despite a rise in H1 revenue, its earnings fell due mainly to an increase in cost of production and a consequent decrease in gross margin, the company said.
Beximco Pharma shareholders got Tk 3.5 in cash dividends per share for FY22.
