Singer to hold EGM to merge with subsidiary
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
FRIDAY, MAY 20, 2022
FRIDAY, MAY 20, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Singer to hold EGM to merge with subsidiary

Corporates

TBS Report
03 October, 2020, 08:05 pm
Last modified: 03 October, 2020, 08:15 pm

Related News

  • SINGER launches green inverter plus smart ACs
  • Beximco Synthetics’ EGM for exit plan approval
  • Sonali Paper and Board Mills hold 2nd EGM
  • Walton Hi-Tech Industries’ virtual EGM
  • Singer beats pre-pandemic performance again

Singer to hold EGM to merge with subsidiary

The merger would help reduce corporate taxes as non-listed companies must pay a 32.5% corporate tax whereas listed ones only have to pay 25%

TBS Report
03 October, 2020, 08:05 pm
Last modified: 03 October, 2020, 08:15 pm
Singer to hold EGM to merge with subsidiary

The board of directors of publicly-listed Singer Bangladesh Ltd has decided to hold an extraordinary general meeting (EGM) regarding the merger with its non-listed subsidiary company - International Appliances Ltd. 

The EGM will be held on November 26, 2020 through a digital platform in order to secure approval from the shareholders of Singer Bangladesh. The record date is set for October 22, stated the company disclosure on the Dhaka Stock Exchange (DSE) website on Thursday.

Singer Bangladesh holds 100% shares of International Appliances. The former's paid up capital is Tk99.7 crore.

An official of Singer Bangladesh told The Business Standard that International Appliances is wholly owned by Singer. Therefore, Singer will not have to issue any new shares for the merger. That's why Singer's paid-up capital will not increase after the merger.

"The merger will help reduce corporate taxes as non-listed companies must pay a 32.5% corporate tax, whereas listed ones only have to pay 25%," he added.

"After the merger, intra-company transactions and subsidiary company's paid-up capital will be removed from the consolidated balance sheet," he continued. 

International Appliances was incorporated as a private limited company on December 23, 2014. Singer Bangladesh acquired it as a subsidiary on October 16, 2017. 

The paid-up capital of International Appliances is Tk38.89 crore. 

The subsidiary company manufactures and sells refrigerators of different capacities, models and types under the Singer brand name.

Its manufacturing plant is situated in Savar. Currently, its refrigerator production capacity is 1.32 lakh units per year. However, it produced over its capacity last year.

The revenue of International Appliances increased 19% to Tk255.3 crore in the last year as compared to the previous year. However, it posted net losses for the last two years.

Meanwhile, Singer Bangladesh posted a 41% drop in sales in the second quarter of this year due to the countrywide 66-day general holidays declared to curb the novel coronavirus outbreak.

The company earned revenue of Tk299.49 crore in the April-June period this year, down from Tk516.76 crore at the same period in the previous year.

Its net profit also dropped by 80% to Tk7.89 crore and its earnings per share stood at Tk0.79.

Last year, Singer reached a milestone in home appliance sales with a turnover of Tk1,500 crore. The company had paid a 77% cash dividend to its shareholders. 

Singer Bangladesh was listed with the DSE in 1983.

The company only sold sewing machines till 1985. Later, it included electronics and home appliances in its business.

Singer Bangladesh used to import 90% of its products and manufacture only 10% of them a decade ago. Now, the company locally manufactures 62%, reducing its percentage of exports.

The closing price of each share of the company stood at Tk169.80 on Thursday at the DSE.

Of the company's total shares: sponsors and directors jointly hold 57%, institutional investors have 18.76%, foreign investors have 5.66%, and general investors own 18.58% of shares.

Top News

Singer Bangladesh Ltd / EGM

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Students suffer over costlier food at public university canteens
    Students suffer over costlier food at public university canteens
  • A worker displays grains of wheat at a mill in Beirut, Lebanon, March 1, 2022. REUTERS/Mohamed Azakir/File Photo
    Russia can offer 25 mln tonnes of grain for export starting on 1 Aug: UN envoy
  • Infographic: TBS
    Businesses reel under soaring costs

MOST VIEWED

  • Photo: Courtesy
    MoU signed between Alamgir Ranch and Daraz Bangladesh
  • Infinix’s HOT 12 available on Daraz
    Infinix’s HOT 12 available on Daraz
  • Photo: PR
    Grameenphone launches 'GP Academy' in partnership with Telenor and Cisco
  • Sonali Bank receives BB certificate of appreciation for disbursing loans 
    Sonali Bank receives BB certificate of appreciation for disbursing loans 
  • Bangladesh Krishi Bank receives appreciation letter from BB governor
    Bangladesh Krishi Bank receives appreciation letter from BB governor
  • IBBL and JPMorgan Chase Bank holds bilateral meeting
    IBBL and JPMorgan Chase Bank holds bilateral meeting

Related News

  • SINGER launches green inverter plus smart ACs
  • Beximco Synthetics’ EGM for exit plan approval
  • Sonali Paper and Board Mills hold 2nd EGM
  • Walton Hi-Tech Industries’ virtual EGM
  • Singer beats pre-pandemic performance again

Features

Mohammad (Mejbah) Mejbahuddin, Former Senior Secretary, Economic Relations Division (ERD), Ministry of Finance, Government of Bangladesh. TBS Sketch

‘No project is being delayed too long at the moment’

19m | Panorama
Dr Shamsul Hoque, Professor, Civil Engineering, BUET. TBS Sketch

‘Planning commission only in the name, there are no planners’ 

24m | Panorama
Masrur Reaz. TBS Sketch

‘To ensure accountability, contract financing should be based on ‘performance based payments’

34m | Panorama
Professor Mustafizur Rahman. Illustration: TBS

Project delays and escalating costs are driven by frequent revisions and lack of good governance

3h | Panorama

More Videos from TBS

Ways to retain body fragrance

Ways to retain body fragrance

1h | Videos
Gazipur restaurant that serves 150 food items

Gazipur restaurant that serves 150 food items

5h | Videos
How to prepare for a job

How to prepare for a job

6h | Videos
Putin's strategies to face Nato

Putin's strategies to face Nato

18h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

3
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

4
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

5
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

6
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab