CVO Petrochemical’s production activities stopped for indefinitely

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CVO Petrochemical’s production activities stopped for indefinitely

The normal production process and sales activities of the energy and power sector company CVO Petrochemical Refinery Limited were closed for three months. And as no decision has been taken by the Department of Energy and Mineral Resources, the company’s production activities will continue indefinitely. Dhaka Stock Exchange (DSE) sources said.

According to the information received, Petrobangla has temporarily suspended the supply of condensate to all private condensate plants under it, as per the order of the Energy and Mineral Resources Department of the Ministry of Power, Energy and Mineral Resources of the Government of the People’s Republic of Bangladesh. From July to September, 2020, the company’s condensate supply was cut off.

According to an order issued by the Department of Energy and Mineral Resources on June 26, the supply of condensate will be suspended until further notice, including July, August and September. The meeting of the board of directors of the company said that if the supply of condensate is stopped and the current stock of the company is sold, the normal production process and sales activities will be stopped for that period. The company’s production activities will continue indefinitely as no decision has yet been taken by the Department of Energy and Mineral Resources.

Meanwhile, the company’s share price fell by 0.9 percent or 10 paisa to Tk 115.50 each on the DSE yesterday, with a closing price of Tk 115.40. One lakh 46 thousand 33 shares were exchanged only 48 times during the day. In the last one year, the share price has fluctuated between Tk 8 and Tk 141.50.

After reviewing the audited financial statements for the year ended June 30, 2019, it paid a cash dividend of 2%. At that time, the company’s earnings per share (EPS) was 12 paisa and net asset value per share (NAV) stood at Tk 14.57 . After reviewing the audited financial statements for the previous year, i.e. for the financial year ended June 30, 2017, it has paid a cash dividend of 2%. At that time, the company’s earnings per share was 26 paisa and net asset value per share stood at Tk 14. 57 paisa.

The company was listed on the stock exchange in 1990 and is currently in the ‘B’ category. The paid up capital is Tk. 25 crore 24 lakh 50 thousand as against the authorized capital of Tk. 150 crore. The reserve amount is Tk 8 crore. According to the latest DSE data, the company has a total of 2.52 million shares. Of the total shares of the company, 50 per cent are held by entrepreneurs and managers, 22.61 per cent by institutional investors, 0.24 per cent by foreign investors and the remaining 26.14 per cent by general investors.

Bmirrorhttps://bmirror.net/
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