The board of directors of listed Shyampur Sugar Mills Ltd. has approved a proposal to revalue the company’s assets and liabilities, resulting in a 777-fold increase in the value of its assets.

According to company sources, the revaluation, based on a report prepared by chartered accountants Mahfel Huq & Co., increased the company’s asset value from Tk 211.09 million to Tk 7.84 billion.

The revised figures will be incorporated into the company’s financial statements after review by auditors and subject to the necessary regulatory approvals.

Before the revaluation, the company had a negative net equity of Tk 6.55 billion. Following the revaluation, net equity turned positive at Tk 1.08 billion.

The company’s net asset value (NAV) also improved significantly to Tk 216.14 per share, compared with a negative Tk 1,310.44 per share before the revaluation.

Company Secretary Kayes Khan said the board had approved the asset revaluation proposal and that the company had informed the Dhaka Stock Exchange (DSE) and other relevant regulators.