Dhaka, Bangladesh (BBN)-The board of directors of Square Pharmaceuticals has decided to establish a pharmaceuticals manufacturing subsidiary company at Nairobi in Kenya, said an official disclosure on Monday.
“The initial estimated total project cost will be US$ 20 million. US$ 8.0 million of it will be financed by equity investment by the company for which Bangladesh Bank (BB) has given permission and the balance would be invested from loan,” said the disclosure posted on the Dhaka Stock Exchange (DSE) website.
The company is expected that the project would be completed by June 2019.
Square Pharma, which was listed on the Dhaka bourse in 1995, disbursed 40 per cent cash and 10 per cent stock dividend for the 15 months period from April 01, 2015 to June 30, 2016.
The board also approved BDT 2.50 billion for balancing, modernization, rehabilitation and expansion (BMRE), capital machineries and lands for future expansion.
The pharma company’s first quarter (Q1) earnings per share (EPS) stood BDT 3.89 for July-September, 2016 as against BDT 3.18 for July-September, 2015.
The company’s paid-up capital is BDT 6,235.87 million and authorised capital is BDT 10,000 million while the total number of securities is 623,586,546.
The sponsor-directors own 36.34 per cent stake in Square Pharma, while institutional investors 12.19 per cent, foreigners 15.79 per cent and the general public 35.68 percent as on November 30, 2016, the DSE data shows.
At DSE, each share of the company closed at BDT 253 on Sunday.