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MONDAY, JUNE 05, 2023
Beka Garments applies to go public for Tk35cr

Stocks

Salah Uddin Mahmud
17 February, 2021, 10:00 pm
Last modified: 17 February, 2021, 10:22 pm

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Beka Garments applies to go public for Tk35cr

Beka Garments’ CFO has said the company’s production will double if the expansion plan is completed successfully

Salah Uddin Mahmud
17 February, 2021, 10:00 pm
Last modified: 17 February, 2021, 10:22 pm
Beka Garments applies to go public for Tk35cr

KEY FINANCIALS OF BEKA GARMENTS

  • The company intends to raise Tk35 crore through IPO
  • The funds will be used for business expansion and loan repayment
  • Net profit was Tk13.84 crore in FY20
  • Net sales stood at Tk160 crore
  • Paid-up capital is Tk102 crore

Beka Garments and Textiles Limited recently applied to the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk35 crore capital by issuing 3.5 crore ordinary shares on the capital market.

From these funds, the company says it will use Tk14.73 crore for the construction of its factory building expansion unit, Tk8.08 crore for plant and machinery acquisition and Tk10 crore for repayment of bank loans.

Beka Garments was established on 7 October, 2010 and is a 100% export-oriented garment company.

The principal activities of the company include the: import, export, manufacturing, printing, dyeing, washing, embossing, and trading of different types of ready-made garments, knitwear, shirts, pants, and other apparel.

Earlier, the company applied to the BSEC but failed to comply with the securities rules.

In the last fiscal year, the net profit of the company was Tk13.84 crore and its net sales stood at Tk160 crore.

In the first quarter of the current fiscal year, the net profit of the company was Tk6.75 crore and its earnings per share was Tk0.66.

During the period, its net sales was Tk53.90 crore and net asset value per share was Tk25.62.

Micky Diaz is the chairman of Beka Garments and Textiles Limited. He is also the managing director of Jane Trading Corporation, Diaz Spinning & Knitting Mills and JTC Solution Ltd.

The company's paid-up capital is Tk102 crore. Of its total shares, sponsors and directors hold 41.30% and placement shareholders hold 58.70%.

The company is using an average of 70% of its current production capacity. To utilise its maximum capacity, it needs to invest in more advanced machinery and employ well-trained staff with sound technical knowledge in the production process.

Sanjoy Roy, the chief financial officer (CFO) of the company said, "We are trying to recover from the Covid-19 pandemic's impacts. Buyers are increasing buy orders gradually."

He said the company produces technical garment products, which have demand from buyers.

"The company's production will double if the expansion plan is completed successfully," he added.

Bangladesh is one of the largest producers of textiles and garment products. The ready-made garments industry occupies a unique position in the Bangladesh economy and is the biggest earning source of foreign currency.

Bangladesh exported garments worth $27.95 billion in the last fiscal year. Of these, knitwear garments were worth $13.91 billion and woven garments $14.04 billion.

Bangladesh / Top News

Beka Garments / Stock / BSEC / Bangladesh

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