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FEKDIL to give 15pc stock dividend

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The Board of Directors of Far East Knitting & Dyeing Industries Limited (FEKDIL) has recommended 15 per cent stock dividend for its shareholders for the year that concluded on June 30, 2017.

The annual general meeting (AGM) of FEKDIL will be held at 10:30 am on December 17, 2017 on its factory premises at Chandra (Kailakoir) in Gazipur.

The company’s record date for the AGM is on October 26, 2017.

The company has also reported EPS of Tk 2.16, NAV per share of Tk 21.14 and NOCFPS of Tk 1.07 for the same year as against Tk 1.82, Tk 19.43 and Tk 0.57 respectively for the same period of the previous year.

Beximco Pharma to acquire stake in Nuvista

The Board of Directors of Beximco Pharmaceuticals Limited (Beximco Pharma) has decided to enter into a non-binding Memorandum of Understanding (MoU) under which Beximco Pharma may acquire a majority shareholding (85.22 per cent) in Nuvista Pharma Limited (Nuvista Pharma), a leading pharma Company in Bangladesh specializing in hormones and steroid drugs (the proposed acquisition).

The proposed acquisition remains subject to due diligence and negotiation and completion of a definitive sale and purchase agreement.

It is expected that the proposed acquisition will be completed by the end of December 2017 and will, if completed, accelerate revenue growth and improve the earning potential for Beximco Pharma.

Nuvista Pharma, formerly Organon (Bangladesh) Limited, was a subsidiary of Netherlands-based Organon International. It was sold out to the current Bangladeshi Management in 2006.

The company has been operating in Bangladesh since 1964 with a local manufacturing facility at Tongi in Gazipur.

They also have a long-term manufacturing and marketing collaboration with Merck Sharp & Dohme (MSD).

According to the Quintiles IMS Q2 2017 data of the retail pharma market in Bangladesh, Nuvista Pharma currently ranks as the 21st largest supplier to the market by volume.

Trading of co shares

EHL: Trading of the shares of Eastern Housing Limited (EHL) will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle with cum benefits from today (October 9) to tomorrow (October 10, 2017).

Trading of the EHL shares will remain suspended on record date for on October 11, 2017.

KDSAL: Trading of the shares of KDS Accessories Limited (KDSAL) will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle with cum benefits from today (October 9) to tomorrow (October 10, 2017).

Trading of the KDSAL shares will remain suspended on record date on October 11, 2017.

Cos to hold board meeting

DBH: Delta Brac Housing Finance Corporation Limited (DBH) has organised its board meeting at the company’s head office in the city at 4:30pm on October 12, 2017.

The DBH board members will consider, among others, its unaudited financial statements for the Third Quarter (Q3) period that concluded on September 30, 2017 in the meeting.

IDLC: IDLC Finance Limited (IDLC) has organised its board meeting at the company’s head office in the city at 4:00pm on October 16, 2017.

The company’s board will consider, among others, its unaudited financial statements for the Third Quarter (Q3) period that ended on September 30, 2017 in the meeting.

Square Pharma: Square Pharmaceuticals Limited (Square Pharma) has organised its board meeting at the company’s head office in the city at 3:00pm on October 16, 2017.

The company’s board members will consider, among others, its audited financial statements for the year that ended on June 30, 2017 in the meeting.

Square Text: Square Textiles Limited (Square Text) has organised its board meeting at the company’s head office in the city at 4:00 pm on October 16, 2017.

The company’s board will consider, among others, its audited financial statements for the year that ended on June 30, 2017 in the meeting.

Cos credit rating results

GDIC: Credit Rating Agency of Bangladesh Limited (CRAB) has announced the rating of Green Delta Insurance Company Limited (GDIC) as ‘AAA’ in the long term and ‘ST-1’ in the short term along with a stable outlook based on audited financial statements up to December 31, 2016 and other relevant quantitative as well as qualitative information up to the date of rating declaration.

Uttara Finance: National Credit Ratings Limited (NCR) has announced the surveillance entity rating of Uttara Finance and Investments Limited (Uttara Finance) as ‘AA+’ in the long term and ‘ST-1’ in the short term along with a stable outlook based on audited financial statements of the company as on December 31, 2016.

-MIAH/SAM/MIAH

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