The board of directors of Square Pharmaceuticals Limited, the flagship company of Square Group, has approved merger of Square Formulations and Square Herbal & Nutraceuticals with the Square Pharmaceuticals.
However, the final approval will come subject to the approval of the shareholders in the general meeting and sanction by the High Court Division of the Supreme Court of Bangladesh, said an official disclosure on Tuesday.
Recently, the board of directors of Square Pharmaceuticals has recommended 35 per cent cash and 7.50 per cent stock dividend for the year ended on June 30, 2017.
The board has also approved Tk 2.02 billion for BMRE (Balancing, Modernisation, Rehabilitation and Expansion), capital machineries and lands for future expansion.
The final approval of dividend will come during the Annual General Meeting (AGM) scheduled to be held on December 4 at 10:00 am at Dhala Club in Dhaka.
The company has also reported consolidated earnings per share (EPS) of Tk 15.51, consolidated net asset value (NAV) per share of Tk 71.47 and consolidated net operating cash flow per share (NOCFPS) of Tk 13.92 for the year ended on June 30, 2017 as against Tk 13.41, Tk 59.12 and Tk 14.02 respectively for the same period of the previous year.
In 2016, the pharma company’s disbursed 40 per cent cash and 10 per cent stock dividend.
Each share of the company, which was listed on the Dhaka bourse in 1995, closed at Tk 297.50 each on Monday at Dhaka Stock Exchange (DSE).
The company’s paid-up capital is Tk 6.86 billion and authorised capital is Tk 10 billion while total number of securities is 685.95 million.
The sponsor-directors own 34.43 per cent stake in the company, institutional investors own 10.13 per cent, foreign 19.33 per cent and the general public 36.11 per cent as on September 30, 2017, the DSE data shows.
The Square Group’s another company, Square Textile has informed that the board of directors has approved merger of Square Yarns with Square Textile subject to the approval of the shareholders in the general meeting and sanction by the High Court Division of the Supreme Court of Bangladesh.