Sharebarta24.com, Dhaka: The buying and selling of shares of the directors of Rahima Food, a food and ancillary company listed in the capital market, has created a fog. Despite the company’s announcement to buy and sell shares in the block market on April 29, the company’s trading figure in the block market was not seen in the trading figure of the DSE.
It is learned that on April 29, the power of attorney Biswajit Saha, the founder of the company, Mrs. Rafia Chowdhury, announced the sale of 16 lakh 59 thousand 6 shares and said that he will sell the shares in the block market on the same day. On the other hand, the company’s other entrepreneurial director. Hasan, Miss Hamida and Fazlur Rahman will each buy 6 lakh 19 thousand 696 shares in the block market on the same day.
But Rahima Food was not among the companies traded in the block market on the DSE website that day. After that, two more working days on May 2 and May 3, no information was seen about the company’s transactions in the block market. An unnamed investor said that when an investor called the company and asked about it, he did not give a satisfactory answer and treated him badly.
‘A’ category Rahima Food was listed on the stock exchange in 1997. The company has an authorized capital of Tk 50 crore and a paid up capital of Tk 20 crore. The accumulated loss of the company is 75 lakh rupees. Out of the total 2,200 shares of the company, 45.23 per cent are in the hands of entrepreneur-managers, 12.72 per cent in the hands of institutional investors, 4.99 per cent in the hands of foreigners and 38.96 per cent in the hands of general investors. No information on the company’s dividend was found on the DSE website.
The company’s earnings per share (EPS) for the first quarter of the current financial year (July 20-September 20) is 8 paise. At the same time last year, the loss per share was one taka 6 paise. In the second quarter (October 20-December 20), the company’s earnings per share (EPS) was 3 paise. At the same time last year, the amount was 22 paise.
The company’s earnings per share (EPS) for the six months (July 20-December 20) is 6 paise. At the same time last year, the loss per share was one rupees 55 paise. As of 31 December 2020, the company’s net asset value per share (NAVPS) is 9 rupees 75 paise.
Incidentally, on December 29, the transaction was resumed by Rahima Food Corporation. Earlier, on November 12 last year, Bangladesh Securities and Exchange Commission (BSEC) Deputy Director Mohammad Nazrul Islam signed a letter with the managing director of CSE to withdraw the suspension of the company’s share transaction. The letter asked the commission to immediately withdraw the transaction suspension order in the interest of investors. At the same time, the company’s transaction opening system was also mentioned.
On the same day, BSEC sent a letter to the Dhaka Stock Exchange (DSE) authorities seeking clarification and recommendation on several issues related to the delisting of Rahima Food. The letter said, “Does the DSE have a comprehensive procedure for voluntary delisting of companies?” Investors are also asked to inform the stock exchange about its responsibility to protect its interests before delisting.
The commission also wanted to know whether any action had been taken against the delisted Rahima Food and the company’s directors for non-compliance with the provisions of the Securities and Exchange Ordinance. The Dhaka Stock Exchange (DSE) decided to delist Rahima Food Corporation on July 16, 2016 due to a long period of business shutdown. However, the Chittagong Stock Exchange authorities suspended the transaction instead of delisting Rahima Food.
Before being delisted, the company did not sell any product in the first 9 months of the 2017-18 financial year. But at this time the administrative and factory expenses of this listed organization have increased. Last year, the administrative cost of the company was 95 lakh 7 thousand rupees.
At that time in 9 months it has increased to one crore one lakh 95 lakh rupees. The company, which was closed at the time, sold assets worth Tk 20 crore, which was shown as a net profit. The organization was then delisted.
Source: Share Barta 24 by www.sharebarta24.com.
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