Amara Networks Limited, a publicly traded IT company, has announced an increase in its paid-up capital through issue right shares.
The company said on the Dhaka Stock Exchange (DSE) website on Tuesday that one share will be issued for every two shares in the rights issue. For this, the issue price of each share with a face value of Tk 10 and a premium of Tk 20 will be taken to be Tk 30.
It has been decided to issue the right shares for bank loan repayment with networking system upgrades and network coverage expansion. The matter will be finalized only after approval by the company's annual general meeting and the regulatory body, BSEC.
The Company said in the DSE Website that the Board of Directors has decided raising the Paid-up Capital through the issuance of Rights Share at a ratio of 2: 1(R) Share, whereas 1 Rights Share against 2 existing shares held by an individual at an Issue Price of Tk 30 including premium of Tk 20 for each Rights Share.
The Subject to approval of the Shareholders in the ensuing Annual General Meeting and Bangladesh Securities and Exchange Commission (BSEC) and complying with the requirements embodied in relevant laws and Regulatory Authorities concerned, it's added.
The purpose of the Rights Issue is for BMRE (Networking system upgradation, network coverage expansion), loan repayment. The company has also informed that the shareholders will be notified of the separate record date for the Rights Share entitlement after approval from BSEC, Read the notice.
Currently, the company has a paid-up capital of Tk 61.98 crore and an authorized capital of Tk 100 crore.
On July 18, 2022 BTRC wrote to the International Terrestrial Cable to restrict bandwidth supply to Aamra Technologies to 50 per cent as the company did not clear the government revenue sharing dues within the stipulated time.
After that cleared half of the dues the Bangladesh Telecommunication Regulatory Commission (BTRC) withdrew the bandwidth capping of the company with effect from July 26, 2022. At present the company has supply 100 per cent bandwidth for their customer.
The company had issued a non-convertible, redeemable, unsecured, zero-coupon bond of Rs 100 crore in 2020, subject to the approval of the regulatory body BSEC for the same purpose.
The bond purposes were networking system upgrade and expansion, repayment of loans, and working capital arrangements.
11% Cash dividend for FY23
Aamra Technologies, a provider of comprehensive IT solutions and services in the country, has declared dividend for FY23 by 11% cash dividends.
In the fiscal 2021-22, the company, listed on stock exchanges in 2012, had paid a 5% cash and 5% stock dividend to its shareholders.
According to its annual declaration, the earnings per share (EPS) stood at Tk3.64, an increased from Tk1.76 in the previous fiscal year.
Net asset value (NAV) per share of Tk 38.11 and Net operating cash flow per shares (NOCFPS) of Tk 6.17 for the year ended June 30, 2023 as against Tk 34.95 and Tk 8.10 respectively for the year ended June 30, 2022.
The Company filling in the DSE on Tuesday said, revenue improved, owing to more profitable IT Support and Software Services, as well as Internet Sales EPS has increased significantly.
And the amount of cash received from customers has increased, concurrent increases in supplier payments, operating costs, and taxes have had an adverse influence on the NOCFPS as compared to the previous year.
The annual general meeting will be held on 4 October through a digital platform. To identify shareholders of the company, 12 September has been fixed as the record date.
