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The board of directors of United Finance has decided to issue non-convertible zero coupon bonds worth up to Tk 5.0 billion (in face value) to strengthen its capital base, said an official disclosure on Sunday.
The company will issue the bond through private placement (unsecured, unlisted), in multiple tranches if required, with tenure up to five years from the issue date, according to the disclosure.
The bond issue, however, subject to the approval of the regulatory authorities like Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC).
The board of directors of the United Finance has also recommended 10 per cent cash dividend for the year ended on December 31, 2018.
The final approval of the dividend will come during the annual general meetings (AGM) scheduled to be held on April 24 at 10:00am in Dhaka, said another official disclosure of the company.
The record date is March 18.
The company has also reported EPS of Tk 1.48, NAV per share of Tk 16.67, and NOCFPS of minus Tk 6.72 for the year ended on December 31, 2018 as against Tk 1.44, Tk 16.95, and Tk 0.45 respectively for the same period of the previous year.
There will be no price limit on the trading of the shares of the company today (Sunday) following its corporate declaration.
United Finance, which was listed on the DSE in 1994, disbursed 10 per cent cash and 5.0 per cent stock dividend for the year ended on December 31, 2017.
Each share of the company closed at Tk 23.30 on Wednesday last at Dhaka Stock Exchange.
The company’s paid-up capital is Tk 1.87 billion, authorised capital is Tk 3.0 billion, and the total number of securities is 187.11 million.
The sponsor-directors own 51.68 per cent stake in the company, while institutional investors own 23.25 per cent, foreign investors 1.07 per cent, and the general public 24 per cent as of January 31, 2109.