September 24, 2022, 11:39 pm

Abu Taher Bappa

2020-09-07 09:52:57 BdST

Padma Oil inks business deal with Beximco LPG Unit-1

The state-owned petroleum distributor Padma Oil Company has signed an agreement with Beximco LPG Unit-1 to sell liquefied petroleum gas (LPG).

Under the agreement, Padma Oil will sell the LPG by establishing LPG refueling stations and gas conversion workshops parallel to sale of petroleum oil through its registered filling stations.

As per the agreement, Padma Oil will receive royalties of Tk 0.50 per liter sale of LPG.

Beximco LPG Unit-1 Ltd is a subsidiary of Beximco Group. Beximco entered into the energy sector for marketing of LPG in packed and bulk to meet the growing demand of LPG both in domestic and Industrial sector in Bangladesh.

Recently, Padma Oil also signed a business expansion deal with Energypac Power Generation to sell LPG by establishing LPG refueling stations parallel to sale of petroleum oil through its registered filling stations.

Energypac Power started the LPG business under the G gas brand name in 2017.

The Bangladesh Securities and Exchange Commission (BSEC) allowed Energypac Power Generation to fix the cut-off price of its shares through eligible investors’ bidding–a requirement for going public under the book-building method.

The bidding for eligible investors (EIs) to discover the cut-off price of shares of Energypac Power will commence from September 21 and will continue until September 24.

Energypac Power will raise Tk 1.50 billion through its initial public offering (IPO).

Each share of the Padma Oil, which was listed on the Dhaka bourse in 1976, closed at Tk 212.40 on Sunday.

In nine months for July 2019-March 2020, the company’s EPS was Tk 20.63 for as against Tk 19.72 for July 2018-March 2019.

In 2019, the company disbursed 130 per cent cash dividend.

The company’s paid-up capital is Tk 982.33 million and authorised capital is Tk 1.0 billion while the total number of securities is 98.23 million.

The sponsor-directors own 2.06 percent stake of the company, while the government owns 50.35 percent, institutional investors own 29.66 percent, foreign investors 1.18 percent and the general public 16.75 per cent as on July 31, 2020, the DSE data shows.

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