GQ Ball Pen adjusts Tk1.15 crore bank loan with land sell proceeds

GQ Ball Pen Industries has got Tk3.45 crore from selling its 7.67 katha land at Agrabad, Chattogram, the company disclosed through the Dhaka Stock Exchange (DSE) on Wednesday.

As announced earlier, the company paid Tk1.15 crore to South East Bank to partially adjust its bank liabilities and the rest of the amount it got from the land buyer would be utilised on a "priority basis".

According to the DSE, the company had a short-term bank liability of Tk3.17 crore at the end of June 2022, while it had no long-term loans. 

The publicly traded ball point pen maker, which used to lead the local market once with the then popular Econo brand, has been in a tough condition for more than a decade.

For the first nine months of the fiscal year, it posted Tk3.05 in loss per share having a face value of Tk10 apiece.

General public hold 56.6% of the company shares while sponsor and directors together hold 41.88% shares.

 GQ Ball Pen shares closed 3.63% lower at Tk98.1 on the DSE on Wednesday.