Golden Harvest to enter fast growing e-commerce business

Published : 09 Mar 2021 09:22 PM

The board of directors of Golden Harvest Agro Industries, a listed company in the stock market, has decided to invest in the fast-growing E-commerce sector.

Under the E-commerce sector business, Golden Harvest will develop the business of food, grocery, medicine delivery, bookings, and ticketing, the company said in a filing with the Dhaka Stock Exchange on Tuesday.

The Golden Harvest will own 45 per cent of the business equivalent to Tk 50 million (approximately), according to the filing.

Meanwhile, the board of directors of the company has declared a 2.0 per cent interim cash dividend for the general shareholders other than sponsor-directors from the company’s reserve-based on audited financial statements for the year ended on June 30, 2020. The record date for entitlement of interim cash dividend is on April 8, said the disclosure.

The company declared No dividend for the year ended on June 30, 2020. In 2019, it disbursed 7.0 per cent cash and 5.0 per cent stock dividend. The company’s consolidated earnings per share (EPS) was negative Tk 0.29 for October-December 2020 as against a profit of Tk 0.39 per share for October-December 2019.

In six months, its consolidated EPS was also negative Tk 0.63 for July-December 2020 against the profit of Tk 0.97 per share for July-December 2019.

There will be no price limit on the trading of the shares of the company today following its corporate declaration; however, as per the BSEC order dated March 19, 2020, the floor price shall be applicable accordingly.

Each share of the company, which was listed on the DSE in 2013, closed at Tk 16.70 on Monday. Its share traded between Tk 14.70 and Tk 20 each in the last one year.

The company’s paid-up capital is Tk 2.15 billion and authorized capital is Tk 2.50 billion while the total number of securities is 215.83 million.

The sponsor-directors own 32.88 per cent stake in the company while institutional investors own 39.83 per cent, foreign 0.09 per cent and the general public 27.20 per cent as of February 28, 2021, the DSE data showed.