Dhaka, Bangladesh (BBN) – Dhaka Electric Supply Company (DESCO) dominated the transaction chart of Dhaka Stock Exchange (DSE) last week that ended on Thursday, riding on sponsor’s share sale.
According to statistics available with the DSE, about 38.54 million shares of DESCO were traded, generating a turnover of nearly BDT 1.95 billion on the week.
It was 3.10 percent of the DSE’s total turnover value.
Each share of the state-run power supply company, which was listed on the Bangladesh’s capital markets in 2006, closed at BDT 50.60 on Thursday, the last trading session of the week, soaring 9.29 percent over the week before.
On December 18, 2016, Bangladesh Power Development Board (BPDB), one of the corporate sponsors of DESCO, announced to sell 29.31 million shares out of its total holding of 293.10 million at prevailing market price through stock exchange within next 30 working days, which helped the company to become week’s turnover leader, market insiders said.
In line with the government’s fresh move to resume offloading of SoE shares on the country’s stock market, BPDB completed 10 percent shares sale last week.
The state-run company’s first quarter (Q1) earnings per share (EPS) stood BDT 0.57 for July-September, 2016 as against BDT 0.67 for July-September, 2015.
The board of directors of the company has recommended 10 percent cash dividend for the year ended on June 30, 2016.
The final approval will come during the annual general meeting (AGM) scheduled to be held on January 7.
The company’s paid-up capital is BDT 3,975.69 million and authorised capital is BDT 5,000 million while the total number of securities is 397,569,804.
The government owns 75 percent stake in DESCO, while institutional investors 18.18 percent, foreigners 0.57 per cent and the general public 6.25 percent as on November 30, 2016, the DSE data shows.
DESCO was, closely followed by Beximco with about 64.19 million shares worth BDT 1.83 billion changing hands, followed by Bangladesh Building Systems BDT 1.75 billion, IFAD Autos BDT 1.46 million, Ratanpur Steel Re-rolling Mills BDT 1.08 billion, The Peninsula Chittagong BDT 962 million and Appollo Ispat Complex BDT 923 million.
Confidence Cement was also included in the top ten turnover chart with 7.52 million shares of BDT 906 million changing hands, followed by Far Chemical Industries BDT 905 million and Argon Denims BDT 897 million.
BBN/SS/ANS