Berger Paints to get Tk 76.05m found in Berger Fosroc

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The board of directors of Berger Paints Bangladesh has made a decision to invest Tk 76.05 million in its associate company-Berger Fosroc Ltd.

“The board of directors has resolved that the business will invest a tentative amount of Tk 76.05 million in the normal share capital of Berger Fosroc where Berger Paints Bangladesh has 50 % equity holding,” said the official disclosure on Sunday.

The total amount will be utilised for establishment of factory, said the disclosure.

Berger Paints Bangladesh, market leader in Bangladesh Paints Industry, and UK-based construction solutions provider Fosroc International, a worldwide leading company in neuro-scientific Construction Chemical compounds, formed “Berger Fosroc Limited” in 2018.

Berger Fosroc Ltd provides solutions to all sectors of the engineering industry, specialising in alternatives for building construction, industrial facilities, power plants and all sorts of transport and civil infrastructure.

Berger Paints Bangladesh and Fosroc International held equivalent stakes in the entity.

The board of directors of Berger Paints has declared 295 % cash dividend for the year ended on March 31, 2020.

The gross annual general meeting (AGM) will be held on July 28 at 10:00am through an electronic platform.

The record time is July 12.

The company in addition has reported consolidated earnings per share (EPS) of Tk 52.22, consolidated net asset value (NAV) per share of Tk 204.20 and consolidated net operating cash flow per show (NOCFPS) of Tk 81.90 for the year ended on March 31, 2020 as against Tk 44.27, Tk 176.97 and Tk 55.26 respectively for the same period of the previous year.

There will be no price limit in the trading of the shares of the business today (Sunday) after its corporate declaration; even so, according to the BSEC Order dated March 19, 2020, the ground price shall be applicable accordingly.

Berger Paints Bangladesh, among the oldest names found in the paint industry, was first listed on the Dhaka Stock Exchange in 2006. Each show of Berger shut at Tk 1,308.60 on Thursday. In the last one year, its talk about traded between Tk 1,208 and Tk 1,614.80 per share.

In 2019, the multinational company disbursed 250 % cash dividend.

The company’s paid-up capital is 463.78 million, authorised capital is Tk 1.0 billion and the full total number of securities is 46.37 million.

Sponsor-directors own 95 % stake in the business while institutional investors 2.45 %, foreign investors 1.14 % and general consumer only one 1.41 % as on February 29, 2020, the DSE info showed.
Source: https://thefinancialexpress.com.bd

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