Libra Infusions turns top loser at DSE

Publicly listed Libra Infusions Limited – a manufacturer of intravenous (IV) fluids and parenteral drugs – became the worst stock on the Dhaka Stock Exchange (DSE) on Sunday by shedding 5.2% price compared to the previous trading session.

On the same day, the company declared a 5% cash dividend for fiscal 2019-20 after two years. Despite the dividend declaration, it was the top loser among all stocks and traded at Tk902.50 per share.

Libra Infusions had failed to disclose its quarterly financials since mid-2019 because of a dispute with its lender AL-Arafah Islami Bank Limited.

But from this month, it began to disclose its pending financials and has so far published the unaudited reports of three quarters at once.

On Sunday, it published the earnings and dividend declaration for fiscal 2019-20.

According to the disclosure, Libra incurred a loss of Tk1.16 crore and its loss per share stood at Tk7.78 in FY20.

In the 2018-19 fiscal year, its profit after tax was Tk15.8 lakh and it paid a 5% cash dividend to the shareholders.

Before its dispute with AL-Arafah Islami Bank, the company used to pay good dividends to its shareholders.

It had paid 20% stock and 30% cash dividends for the 2016-17 fiscal year.

The company said its annual general meeting (AGM) will be held on 21 August as per a court order through a digital platform.

To identify the shareholders eligible for the dividend, 11 August has been fixed as the record date of the AGM.

Libra Infusions started its business in 1985 and set up a factory in Mirpur with the technical assistance of a Switzerland-based company. It got listed on the DSE in 1994.

In 2009, the company undertook a project to build a second unit at its Mirpur factory.

For this, it took a loan of Tk84 crore from Al-Arafah Islami Bank. But the company began to collapse following a standoff over the repayment of the loan.