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  Tuesday, 22 Sep '20
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Market News

TODAY’S CSE news

2020-09-21: Today's Trade

CSE NEWS: Today's (21 September 2020) Total Trades: 11,549, Volume: 20,659,455 and Turnover: Tk. 312.30 million.

2020-09-21: Approval for Issuance of Prospectus

Dominage Steel Building Systems Ltd.: Bangladesh Securities and Exchange Commission (BSEC) has given consent for raising of capital through Initial Public Offering (IPO) and issuance of prospectus by Dominage Steel Building Systems Ltd.

2020-09-21: Board Meeting

PRIMEFIN: Prime Finance & Investment Limited has informed that the Board meeting of the Company will be held on September 28, 2020 at 04:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on March 31, 2020 and Second Quarter (Q2) period ended on June 30, 2020.

2020-09-21: Board Meeting

PRIMEFIN: Prime Finance & Investment Limited has informed that the Board meeting of the Company will be held on September 28, 2020 at 4:00 PM to consider, among others, audited financial statements of the Company for the year ended on December 31, 2019.

2020-09-21: Cont6-Auditor's Opinion

FAREASTFIN(cont6):According to available documents & CL statements Fareast Finance & Investment Limited shown Term Loan given to Fareast Stocks & Bonds Limited amount in Tk. 2,754,580,768 but according to Auditors opinion of Fareast Stocks & Bonds Limited they have found Tk. 2,522,206,023 in the books of accounts differences is Tk. 232,374,745 which indicates that the recoverability of Term loan amount may cast doubt and may arise additional expected credit losses of the company.''(end)

2020-09-21: Cont5-Auditor's Opinion

FAREASTFIN(cont5):The current credit facilities and resources of the company provides sufficient fund to meet the present requirements of its existing business operation. 3. The company has one associate company namely Fareast Stocks & Bonds Limited is audited by other auditor whose report has been furnished to us and our opinion is as so far as it relates to the amounts included based on the reports.(cont6)

2020-09-21: Cont4-Auditor's Opinion

FAREASTFIN(cont4):Fareast Finance and Investment Limited management believes that the Company will be able to recover from losses in the next succeeding years. The company has extended its current credit facilities and trying to increase its income and collecting the loans and leases amount from the customers. Accordingly, the accompanying Company's financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and the settlement of liabilities in the normal course of business.(cont5)

2020-09-21: Cont3-Auditor's Opinion

FAREASTFIN(cont3):The company has sustained an accumulated loss of Tk. 1,522,224,822 as on December 31, 2019 which includes net loss after Tax Tk. 717,997,592 for the year ended December 31, 2019. The net asset value per share (NAV) has been reduced from Tk. 7.22 to Tk. 2.85 and net operating cash flow per share (NOCFPS) has also been reduced from Tk. 3.47 to Tk. (1.19) from the year 2018 to 2019. The company's net liability exceeds its assets within one year Tk. 1,532,764,232 (Tk. 4,019,249,424- Tk. 2,486,485,192) and the Company's Shareholders equity has decreased from Tk. 1,184,855,468 to Tk. 466,857,876 from the year 2018 to 2019 respectively.(cont4)

2020-09-21: Cont2-Auditor's Opinion

FAREASTFIN(cont2): as of that date, the Company's current liabilities exceeded its total assets by Tk.1,532,764,232. As started in Note 2.40, these events or conditions, along with other matters as set forth in Note 2.40. In connection with our audit, we have performed audit procedures to evaluate management's assumptions as to the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. Note 2.40: Going Concern: The financial statements are prepared on the assumption that the entity is a going concern and will continue its operations for the foreseeable future.(cont3)

2020-09-21: Cont1-Auditor's Opinion

FAREASTFIN(cont1): According to the company's request, Bangladesh Bank has given 5 (five) years time i.e. 2019, 2020, 2021, 2022 and 2023 for maintaining equally the required provision/provision shortfall of Tk. 94.57 crore as on 31 December 2019 for loans, advances and leases, other assets and balance with other banks and financial institutions as per the letter # DFIM(C) 1054/09/2020-1420 dated 25 August 2020. Total shortfall of provision of Tk. 756,534,714 as on 31 December 2019. 2. We draw attention to note- 2.40 in the financial statements, which indicates that the Company incurred a net loss of Tk. 717,997,592 during the year ended December 31,2019 and,(cont2)

2020-09-21: Auditor's Opinion

FAREASTFIN: The auditor of Fareast Finance & Investment Limited has given the following Emphasis of Matter in the audit report of the Company for the year ended on 31 December 2019: ''Emphasis of Matter: 1. We draw attention to note- 8.9.1 of the financial statements which describes the shortfall of required provision against classified loans, advances and leases, other assets and balance with other banks and financial institutions Tk. 756,534,714. The Bangladesh Bank has given an extended time span for four years for maintaining the shortfall provision. Note-8.9.1: Shortfall of provisions for loans, advances and leases, other assets and balance with other banks and financial institutions:(cont1)

2020-09-21: Dividend Disbursement

EASTLAND: Eastland Insurance Company Limited has informed that it has credited the bonus shares for the year ended on December 31, 2019 to the respective shareholders BO Accounts on September 21, 2019. The payment of sale proceeds of fractional bonus shares together with cash dividend will be paid in proportion to their entitlement with shareholders respective Bank A/C. Distribution of cash dividend information will be published through Newspaper for the intimation to the related parties in due course of time.

2020-09-21: Board Meeting

GSPFINANCE: GSP Finance Company (Bangladesh) Ltd. has informed that the Board Meeting of the Company will be held on September 26, 2020 at 10:30 AM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on March 31, 2020 and Second Quarter (Q2) period ended on June 30, 2020.

2020-09-21: Order regarding casual/stand vacant of the position of the Director

UNITEDAIR: As per BSEC Order No. SEC/SRMIC/2016/1240/58 dated September 20, 2020, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Commission hereby declares casual vacancy or stand vacant of the position of Director namely Mr. Shahinoor Alam and directs the Board of Directors of United Airways (BD) Ltd. to fill up the vacancy from any shareholders having 2% (two percent) or more shares of the paid up capital within 30 (thirty) working days of issuance of this Order.

2020-09-21: Order regarding casual/stand vacant of the position of the Director(s)

PROVATIINS: As per BSEC Order No. SEC/SRMIC/2016/1240/58 dated September 20, 2020, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Commission hereby declares casual vacancy or stand vacant of the position of Public Shareholder Directors namely Mr. Md. Badlur Rahman Khan and Mr. Habib E Alam Chowdhury and directs the Board of Directors of Provati Insurance Company Limited to fill up the vacancy from any shareholders having 2% (two percent) or more shares of the paid up capital within 30 (thirty) working days of issuance of this Order.

2020-09-21: Order regarding casual/stand vacant of the position of the Director (s)

MERCINS: As per BSEC Order No. SEC/SRMIC/2016/1240/58 dated September 20, 2020, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Commission hereby declares casual vacancy or stand vacant of the position of Public Shareholder Directors namely Mr. Aziz Mohammed Ershad Ullah Chy, Mrs. Farhana Islam Sonia, Mr. Azad Mustafa, Mr. Shafique Ahmed and Mr. Saad Quadir Bin Solaiman and directs the Board of Directors of Mercantile Insurance Company Limited to fill up the vacancy from any shareholders having 2% (two percent) or more shares of the paid up capital within 30 (thirty) working days of issuance of this Order.

2020-09-21: Order regarding casual/stand vacant of the position of the Director(s)

MEGHNALIFE: As per BSEC Order No. SEC/SRMIC/2016/1240/58 dated September 20, 2020, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Commission hereby declares casual vacancy or stand vacant of the position of Directors namely Mrs. Sharmin Nasir and Mrs. Dilruba Sharmin and directs the Board of Directors of Meghna Life Insurance Co. Ltd. to fill up the vacancy from any shareholders having 2% (two percent) or more shares of the paid up capital within 30 (thirty) working days of issuance of this Order.

2020-09-21: Order regarding casual/stand vacant of the position of the Director(s)

INTECH: As per BSEC Order No. SEC/SRMIC/2016/1240/58 dated September 20, 2020, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Commission hereby declares casual vacancy or stand vacant of the position of Directors namely Mr. ATM Mahbubul Alam, Ms. Shadika Mahbub and Mr. Md. Anisuzzaman and directs the Board of Directors of Intech Limited to fill up the vacancy from any shareholders having 2% (two percent) or more shares of the paid up capital within 30 (thirty) working days of issuance of this Order.

2020-09-21: Order regarding casual/stand vacant of the position of the Director

IMAMBUTTON: As per BSEC Order No. SEC/SRMIC/2016/1240/58 dated September 20, 2020, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Commission hereby declares casual vacancy or stand vacant of the position of Director namely Mr. Lokman Chowdhury and directs the Board of Directors of Imam Button Industries Limited to fill up the vacancy from any shareholders having 2% (two percent) or more shares of the Paid up capital within 30 (thirty) working days of issuance of this Order.

2020-09-21: Order regarding casual/stand vacant of the position of the Director

EASTERNINS: As per BSEC Order No. SEC/SRMIC/2016/1240/58 dated September 20, 2020, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Commission hereby declares casual vacancy or stand vacant of the position of Public Shareholder Director namely Pioneer Dresses Ltd. and directs the Board of Directors of Eastern Insurance Company Ltd. to fill up the vacancy from any shareholders having 2% (two percent) or more shares of the Paid up capital within 30 (thirty) working days of issuance of this Order.

2020-09-21: Order regarding casual/stand vacant of the position of the Director

BGIC: As per BSEC Order No. SEC/SRMIC/2016/1240/58 dated September 20, 2020, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Commission hereby declares casual vacancy or stand vacant of the position of Director namely Mr. Sohail Humayun and directs the Board of Directors of Bangladesh General Insurance Co. Ltd. to fill up the vacancy from any shareholders having 2% (two percent) or more shares of the Paid up capital within 30 (thirty) working days of issuance of this Order.

2020-09-21: Commencement of Trading

Walton Hi-Tech Industries Ltd.: All concerned are hereby informed that trading of the shares of Walton Hi-Tech Industries Ltd. will commence at CSE from 23 September 2020 under settlement category ''N''. Please note that the Scrip Id=16041, Scrip Code= WALTONHIL, Market Lot=1, Face Value=Tk.10 & Tick Price=10 paisa. However, the listing date of the Company at CSE was 14 September 2020.

2020-09-21: Dividend Disbursement

MTB: Mutual Trust Bank Limited has informed that the Bonus shares of the Company for the year ended on December 31, 2019 have already been credited through CDBL to the respective shareholders' BO Accounts on September 10, 2020 and it has also disbursed the cash dividend to the respective shareholders' bank accounts through BEFTN on September 17, 2020 to the general shareholders except Directors, Sponsors, Placement holders and Institutions as per of Bangladesh Bank DOS Circular Letter No.19 of June 07, 2020.

2020-09-21: Sale of its Aframax Tanker Omera Queen

MJLBD: MJL Bangladesh Ltd. has informed that the Board of Directors has approved the sale of its Aframax Tanker Omera Queen at an agreed price of USD 8.08 Million following standard terms & conditions of MOA. MT Omera Queen has been in operation under Bangladesh Flag for more than 9 years and has successfully completed 102 voyages; achieving an outstanding ROI of 18%. Decision was made as due to her aging, the vessel's maintenance cost was increasing and anticipated huge dry dock expenditure The Board of Directors has also provided further consent to the management for procuring similar vessel as replacement within a price range of max USD 22 million and capacity of 100,000 to 115,000 Metric Tons.

2020-09-21: Credit Rating

ISLAMIINS:ARGUS Credit Rating Services Limited (ACRSL) has announced the CPA rating of Islami Insurance Bangladesh Ltd. as ''AA-'' for long term and ''ST-2'' for short term in consideration of financials of the Company up to December 31, 2019 (audited), Q2FY20 (unaudited) and other relevant quantitative as well as qualitative information up to the date of rating declaration.

2020-09-21: Transfer Intention

EASTLAND: Mr. Md. Harunor Rashid Khan, one of the Sponsors of Eastland Insurance Company Limited, has reported his intention to transfer his entire holding 1,89,224 shares to his son Mr. Ahad Harun Khan, by way of gift outside the trading system of the Exchange within next 30 working days from the date of issuance of approval letter by DSE.

2020-09-21: Cont-NEWS for TREC Holders of CSE and Merchant Bankers

CSENEWS (cont): foreign applicants along with original bank certificate(s) mentioning the FC account number which has been debited to issue the FDD and a copy of the list containing information of FDDs at Stock Exchange CSE Building, 1080, Sk. Mujib Road Agrabad, Chittagong, Bangladesh from 10:00 AM to 04:00 PM of September 17, 20 & 21, 2020. Please be informed that no data will be received after the aforementioned date and time.(end)

2020-09-21: NEWS for TREC Holders of CSE and Merchant Bankers

CSENEWS: All the respective TREC Holders of CSE and Merchant Bankers are requested to send IPO application data along with list of Bank drafts (FDDs) submitted by NRB and foreign applicants of Associated Oxygen Ltd. in electronic format through CSE IPO PORTAL in the following link: http://ipo.bangladeshstockmarket.com/ipo/ and also send original bank certificates as well as all the bank drafts (FDD) received from NRB and(cont)

2020-09-21: Cont2- Reschedule of Commencement of Bidding of Mir Akhter Hossain Limited

CSE NEWS(cont2): Participating EIs will be required to pay full bid amount (100%) and bidding fee BDT 5,000.00 (five thousand only) through The City Bank Limited (A/C Name: Dhaka Stock Exchange Limited, A/C No.: 1121063938001) in between 10:00 a.m. of October 04, 2020 to 2:00 p.m. of October 07, 2020 (during banking hour). Please visit the following website for bidding related updates: https://www.essbangladesh.com. (end)

2020-09-21: Cont1- Reschedule of Commencement of Bidding of Mir Akhter Hossain Limited

CSENEWS(cont1): and continue till 10:30 a.m. on October 12, 2020. Each EI who intends to participate in the electronic bidding shall maintain a minimum investment of BDT 1.00 crore only in listed securities as on the end of 24th of September, 2020 as per clause (c) of sub-rule (1) of rule 2 of the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015. The minimum tick size (minimum bidding value) for bidding shall be BDT 50 (fifty) Lakh which is in accordance with the BSEC consent letter to Mir Akhter Hossain Limited Ref: BSEC/CI/BB-18/2018/174 dated August 23, 2020. (cont. 2)

2020-09-21: Reschedule of Commencement of Bidding of Mir Akhter Hossain Limited

CSENEWS: Reschedule of Commencement of Bidding of Mir Akhter Hossain Limited through Book Building Method: As per request of the company, the revised bidding period for Eligible Investors to determine the cut-off price of shares of Mir Akhter Hossain Limited through Electronic Subscription System (ESS) of the Exchanges will commence from 5:00 p.m. on October 04, 2020 and will continue till 5:00 p.m. on October 07, 2020 (round the clock) and valuation report submission period for Eligible Investors through Electronic Subscription System (ESS) of the Exchanges will start at 10:30 a.m. on October 08, 2020 (cont. 1)

2020-09-21: Cont2-Commencement of Bidding of Energypac Power Generation Limited

CSE NEWS (cont2): Participating EIs will be required to pay full bid amount (100%) and bidding fee Tk. 5,000.00 (five thousand only) through Social Islami Bank Limited (A/C Name: Dhaka Stock Exchange Limited, A/C No.: 0021360003343) in between 10:00 a.m. of September 21, 2020 to 2:00 p.m. of September 24, 2020 (during banking hour). Please visit the following website for bidding related updates: https://www.essbangladesh.com.(end)

2020-09-21: Cont1-Commencement of Bidding of Energypac Power Generation Limited

CSENEWS (cont1): and continue till 10:30 a.m. on September 29, 2020 (round the clock). Each EI who intends to participate in the electronic bidding shall maintain a minimum investment of Tk. 1.00 crore only in listed securities as on the end of 13rd of September, 2020 as per clause (c) of sub-rule (1) of rule 2 of the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015. The minimum tick size (minimum bidding value) for bidding shall be Tk. 50 (fifty) lac which is in accordance with the BSEC consent letter to Energypac Power Generation Limited Ref: BSEC/CI/BB-12/2017/166 dated August 16, 2020.(cont2)

2020-09-21: Commencement of Bidding of Energypac Power Generation Limited

CSENEWS: Commencement of Bidding of Energypac Power Generation Limited through Book Building Method: The bidding period for Eligible Investors to determine the cut-off price of shares of Energypac Power Generation Limited through Electronic Subscription System (ESS) of the Exchanges will commence from 5:00 p.m. on September 21, 2020 and will continue till 5:00 p.m. on September 24, 2020 (round the clock) and valuation report submission period for eligible investors through electronic subscription system (ESS) of the Exchanges will start at 10:30 a.m. on September 27, 2020(cont1)

2020-09-21: Cont-Compliances and Awareness for Alert to COVID-19

CSENEWS: (cont) (7) Arrangement of mask to provide to employees and clients in the brokerage house, (8) Discourage visitors to enter into the office, (9) Arrangement of virtual office for part of employees on rotation basis and (10) Avoid face to face meetings in the office and encourage telephone/video conference among the employees and clients.(end)

2020-09-21: Compliances and Awareness for Alert to COVID-19

CSENEWS: All concerned are hereby informed that (1) Discourage clients for rushing in the brokerage house and encourage more for trading through mobile apps and other internet based devices, (2) No hand shake, (3) No hugging; (4) Maintain reasonable social distance (at least one meter), (4) Identifying employees and clients who is coughing or sneezing or with any suspicious symptoms, (5) Avoid touching eyes, nose, ears and mouth, (6) Arrangement of hand sanitizer every time to enter office premise (employees, clients and visitors), (cont)

2020-09-21: Investor Awareness

BSEC's Message (Repeat): 1) It is not wise to invest in the capital market without having proper information, detail knowledge and experience regarding different aspects and nitty-gritty of the capital market. 2) It is to be kept in mind that the profit or loss whatever you make from investment is belong to you only. Therefore, prudent investment decision based on knowledge and fundamentals can be your real assistance. 3) Don't pay heed to rumors at the time of buying and selling of shares. Buying and selling of shares based on rumor can be harmful. Even spreading of rumor is legally prohibited. (BSEC vide its letter no. SEC/SRMIC/2010/726 dated 23 November 2010).

2020-09-21: Continue- Important news

BSEC (continue) (Repeat): In this situation, in the greater and long term interest of the growing capital market and investors, all related to Stock Exchange and market intermediaries i.e. stock broker/dealer, asset manager, merchant banker, issuer company including their officials are requested to abstain from giving opinion/comment on investment which may create enthusiasm or confusion among the investors. (end)

2020-09-21: Important news

BSEC (Repeat): It is observed that in the context of the present condition of the capital market, many small and new investors are involved which is undoubtedly encouraging. But it is a matter of concern that a portion of these investors without having proper, timely and detail knowledge and reviewing/analyzing the information of the different aspects of the capital market are being attracted in investing on the basis of rumor, hearsay and different comments from different quarters, which may make their hard earned capital risky, as a result, it will not only hamper the confidence of these investors but may also create hindrance of the continuity and firm growth of the capital market. (continue)

2020-09-21: CSE NEWS

Message: All investors are requested to make their investment decision on the basis of financial strength of the companies not on the basis of rumor.

CSE News