Square Pharma approves Tk200 crore for expansion

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The board of directors of Square Pharmaceuticals approved Tk200 crore for factory modernisation and expansion of operation amid increased profitability of the drug maker.

The approval of BMRE (Balancing, Modernisation, Rehabilitation and Expansion), along with the dividend declaration came from the board meeting of the company on Tuesday.

The board recommended 42% cash and 7% stock dividend for the year ending on June 30, 2019, according to an announcement on Dhaka Stock Exchange (DSE) website.

The final approval of dividend will come during the annual general meeting (AGM) scheduled to be held on December 12 at Dhaka Club in Dhaka. The record date for entitlement of dividend is on November 19 this year, adds the announcement.

The company has also reported consolidated earnings per share (EPS) of Tk16.03, consolidated net asset value (NAV) per share of Tk86.03 and consolidated net operating cash flow per share (NOCFPS) of Tk15.71 for the year ending on June 30, 2019 as against Tk14.69, Tk73.28 and Tk12.55 respectively for the same period of the previous year.

In 2018, the pharma company disbursed 36 per cent cash and 7.0 per cent stock dividend. In 2017, 35% cash and 7.50% stock dividend disbursed. In 2016, the pharma company’s disbursed 40% cash and 10% stock dividend.

The production plants of Square Pharma in Pabna and Kaliakoir continue to improve their operational efficiency both qualitatively and quantitatively by upgrading technological process, research and training. 

Square Pharmaceuticals, one of the leading pharmaceuticals companies, manufactures and markets various generic pharmaceuticals products, basic chemicals, and animal health products. The company holds 17.73% of pharmaceutical market share.  Square Pharma has 4 subsidiary companies, according to the company’s profile.

The company was listed on the Dhaka Stock Exchange (DSE) in 1995. Square Pharma’s paid-up capital is Tk 789 crore. Each share of the company closed at Tk 238.30 each on Wednesday.
Source: https://www.dhakatribune.com

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