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Posted By : Admin    October 05, 2020   

TODAY’S CSE news

2020-10-05: Dividend Disbursement

BRACBANK: BRAC Bank Limited has further informed that the remaining dividends declared for the year 2019 have distributed to the respective shareholders Bank accounts through BEFTN system on October 01, 2020.

2020-10-05: Today s Trade

CSE NEWS: Today s (05 October 2020) Total Trades: 15,228, Volume: 12,342,126 and Turnover: Tk. 364.83 million.

2020-10-05: Conduction of IPO lottery

Associated Oxygen Limited: All concerned are hereby informed that the IPO lottery program of Associated Oxygen Limited will be conducted on October 07, 2020 at 10:30 AM at Crystal Ballroom, Hotel Intercontinental, 1 Minto road, Dhaka-1000.

2020-10-05: Final Status of IPO

Associated Oxygen Limited: All concerned are hereby informed that the final status of the IPO of Associated Oxygen Limited is, Total subscription received from Resident Bangladeshi (RB)=Tk. 3,668,530,000.00, Affected Small Investors (ASI) =Tk. 365,495,000.00, NRB=Tk. 169,505,000.00. Eligible Investors (MF & CIS) = Tk. 106,800,000.00 & Eligible Investors (other than MF & CIS) = Tk.408,900,000.00. Total subscription received= Tk.4,719,230,000.00 against Public Issue of IPO of Tk. 150,000,000.00 which is oversubscribed by 31.46 times.

2020-10-05: Sale Confirmation

RUPALILIFE: Mr. Monirul Hasan Khan, one of the Directors of Rupali Life Insurance Company Ltd., has further reported that he has completed his sale of 1,00,000 shares of the Company at prevailing market price through Stock Exchange as per declaration disseminated on 30.09.2020.

2020-10-05: Updating information

RUPALILIFE: Rupali Life Insurance Company Ltd. has requested the concerned Brokerage Houses/DPs to provide the statement (both the hard copy and soft copy) with details of their margin loan holders entitled to final dividend 2019 on before November 01, 2020. The statement should include shareholders name, BOID No., client wise shareholding position, contact person etc. The Company has further requested to send the soft copy in the address: share.rlic@gmail.com and contact this no. 01847133722.

2020-10-05: Record Date tomorrow (06.10.2020)

UPGDCL: Trading of the shares of United Power Generation & Distribution Company Ltd. will remain suspended on its record date i.e., 06.10.2020 for EGM. Trading of the shares of the Company will resume on 07.10.2020.

2020-10-05: Cont13-Auditor s Opinion

PRIMELIFE(cont13):and as on 31-12-2018. Note 13.9- Short term Investment (PISL): Balance of Short term Investment (PISL) was BDT 825,653,815 and BDT 551,649,391 as on 31.12.2019 and as on 31.12.2018 respectively. Prime Islami Life Insurance Limited has invested in various forms of instruments. The above amount represents converted investment from MTDRs maintained with various banks and financial institutions which were provided as collateral by the Company in favour of PISL. Repayment schedule of the above is being finalized under mutual collaboration and an agreement with PISL on 01.01.2019."(end)

2020-10-05: Cont12-Auditor s Opinion

PRIMELIFE(cont12):The Bond agreement was agreed upon during 2012 with payment starting from the 3rd year with 7 (seven) years maturity. Repayment against the instrument is scheduled to commence from 2016 @Tk. 19,726,000. The company is in the process of realising the investment through communicating with Banglalion and the underwriter, Industrial and Infrastructure Development Finance Company Limited (IIDFC). Note 9- SUNDRY CREDITORS: Balance of Gratuity Expense Payable was BDT 10,964,195 and BDT 1,889,098 as on 31.12.2019(cont13)

2020-10-05: Cont11-Auditor s Opinion

PRIMELIFE(cont11):During this year PILIL has sent a legal notice to PFI Securities Ltd in this regard. Note 18.1- FIXED DEPOSIT WITH BANKS: Balance of Starling Group was BDT 150,000,000 and BDT 150,000,000 as on 31.12.2019 and as on 31.12.2018 respectively. Note 18.1.2- Starling Group: PILIL has made a short-term investment with the Sterling group which comprise of Sterling Denims Ltd, Sterling creations ltd, Tech Max Ltd. and Blue Creations Ltd. Note 13.6.1 Banglalion Zero Coupon Bond: Included in the investments is a sum of Tk. 49,999,706 as Zero Coupon Bonds in Banglalion.(cont12)

2020-10-05: Cont10-Auditor s Opinion

PRIMELIFE(cont10):which is invested in various forms of instruments. The above amount represents converted investment from MTDRs maintained with various banks and financial institutions which were provided as collateral by the Company in favour of PFI Securities Limited. Due to long outstanding as well as no return has been made of this investment, the company has sent legal notice to PFI securities as dated 19.12.2019. Note 17- SUNDRY DEBTORS: Balance of PFI Securities Ltd. was BDT 153,732,698 and BDT 153,733,148 as on 31.12.2019 and as on 31.12.2018 respectively. Note 17.1- PFI Securities Ltd.: PILIL had invested in BO accounts of PFI securities Ltd which has been long outstanding.(cont11)

2020-10-05: Cont9-Auditor s Opinion

PRIMELIFE(cont9):Dated December 28, 2017. Also, for margin loan of BDT 62,912,383 and BDT 396,656,912 there is doubtfulness over the recoverability as there is no collateral equity share against the receivable amount from the clients. The company has not made any provision against the any possible credit losses according to IFRS- 9 para- 5.5.1 and 5.4.4. This issue was qualified by the subsidiary auditor for the financial year ended 31 December 2019. Note 13.8-Short term Investment (PFI): Balance of Short term Investment (PFI) was BDT 1,678,045,201 and BDT 1,579,142,826 as at 31.12.2019 and 31.12.2018 respectively. Prime Islami Life Insurance Limited has generated a healthy Life Insurance Fund(cont10)

2020-10-05: Cont8-Auditor s Opinion

PRIMELIFE(cont8):5. As disclosed in the separate financial statement of Prime Islami Securities Limited (the "Subsidiary"), audited by Ahmed Zaker & Co., the financial statement included an amount of stamp duty for share transfer amounting to BDT 5,215,236 carried forward from previous years and there is doubtfulness over the recoverability of this amount. This issue was qualified by the subsidiary auditor for the financial year ended 31 December 2019. 6. As disclosed in note #11 of the separate financial statement of Prime Islami Securities Limited (the "Subsidiary"), audited by Ahmed Zaker & Co., the company declared dividend for the year 2018 by violating the circular of Bangladesh BSEC derivative no. BSEC/CMRRCD/2009-193/203 (cont9)

2020-10-05: Cont7-Auditor s Opinion

PRIMELIFE(cont7):total cash outflow of the leases, the carrying amount of right-of-use assets at the end of the reporting period by class of underlying asset, which is a non-compliance of para-47 & 53 of IFRS-16. 4. As disclosed in note #6 of the separate financial statement of Prime Islami Securities Limited (the "Subsidiary"), audited by Ahmed Zaker & Co., the financial statements included an amount of BDT 45,555,000 carried from previous years as receivable from others. However the management has not confirmed the probability of getting benefit out the receivable amount in the near future. This issue was qualified by the subsidiary auditor for the financial year ended 31 December 2019.(cont8)

2020-10-05: Cont6-Auditor s Opinion

PRIMELIFE(cont6):It introduces significant changes to lessee accounting by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low value assets. However, the management of the company opted not to adopt the new standard in the current financial year leading to understatement of Assets and Liabilities. In addition to above, the Company has not recognized the leases of Right-of-Use (RoU) Assets and its depreciation. Finally, the Company has not transferred Lease Liabilities at Net Present Value from office rent expense, interest expense on lease liabilities,(cont7)

2020-10-05: Cont5-Auditor s Opinion

PRIMELIFE(cont5):The company has entered into two revised finance agreements with Prime Islami Securities Limited dated 1 January 2019 and 25 January 2019 with terms and conditions for the investment facility. The repayment period for the facilities will commence from 1 January, 2020 and 25 January, 2020 respectively. The company has already received BDT 32,000,000 as an installment payment within the financial year ended 31 December, 2019. 3. Initial application of IFRS-16 "Leases" came into effect in 1st January 2019. IFRS 16 introduces new or amended requirements with respect to lease accounting.(cont6)

2020-10-05: Cont4-Auditor s Opinion

PRIMELIFE(cont4):it is observed that 34.29% of the total issued share capital of the Company is subscribed by sponsor shareholders while the remaining 65.71%is subscribed by the general public. This is non-compliance of Schedule 1, Section 21 of the Insurance Act 1938 (as amended in 2010), where it is stated that at least 60% of the issued capital shall have to be subscribed by the sponsor shareholders. 2. As disclosed in note #13.9 of the financial statements, there was Short term Investment in Prime Islam Securities Limited (the "Subsidiary") amounting to BDT 825,653,815 including profit charged of BDT 111,494,996.(cont5)

2020-10-05: Cont3-Auditor s Opinion

PRIMELIFE(cont3):the Company has recognized provision amounting to BDT 10,000,000 against the gratuity fund for the financial year ended 31 December, 2019. However, during our audit period, we have calculated the required provision against gratuity to be BDT 183,769,351. Hence the required provision is under provided by BDT 173,769,351 (BDT 183,769,351-BDT 10,000,000) for the year under audit. Therefore, liability against gratuity is understated and the profit has been overstated to that extent. Emphasis of Matter: Without further qualifying our opinion, we draw attention to the following matters: 1. As disclosed in note #4.2 & # 4.3 of the financial statements, where the company has presented its shareholding position,(cont4)

2020-10-05: Cont2-Auditor s Opinion

PRIMELIFE(cont2):However, the company has initiated to take legal action to recovery of the investment from Sterling Group. 3. As disclosed in note #13.6.1 of the financial statements, there was Investment in Banglalion Zero Coupon Bond amounting to BDT 49,999,706. Since the investment has remained outstanding since long and the financial condition of Banglalion being deficient, there is significant doubt over the recoverability of the total amount. The company has not made any provision against the said amount. However, the company has initiated arbitration process to recovery of the investment and profit from Banglalion. 4. As disclosed in note #9 of the financial statements, (cont3)

2020-10-05: Cont1-Auditor s Opinion

PRIMELIFE(cont1):The total assets has thus been overstated by BDT 1,831,777,899 (BDT 1,678,045,201 + BDT 153,732,698). However, the company has filed case #1 109/2020 and case#2 164/2020 at High court for recovery of the said amount. 2. As disclosed in note #18.1 of the financial statements, there were Investment with 4 concerns of Sterling Group amounting to BDT 150,000,000. As the investment have been outstanding since long and in the absence of any form of agreement with these entities there is significant doubt over the recoverability of the total amount. Also the company is yet to generate any profit from this investment. The company has not made any provision against the said amount.(cont2)

2020-10-05: Auditor s Opinion

PRIMELIFE: The auditor of Prime Islami Life Insurance Ltd. has given the following "Qualified Opinion & Emphasis of Matter" in the audit report of the Company prepared for the year ended on December 31, 2019. "Basis for Qualified Opinion: 1. As disclosed in note #13.8 & note #17 of the financial statements, there are short term investment with PFI Securities Limited amounting to BDT 1,678,045,201 and Sundry Debtors (PFI Securities Limited) amounting to BDT 153,732,698 respectively. Since these investments have remained outstanding since long and the financial condition of PFI Securities Limited being deficient, there is uncertainty over the recoverability of the total amount of these investments.(cont1)

2020-10-05: Spot trade from tomorrow (06.10.2020)

BDFINANCE: Trading of the shares of Bangladesh Finance and Investment Company Limited will be allowed only in the Spot Market from 06.10.2020 to 07.10.2020 as the record date of the Company is on 08.10.2020.

2020-10-05: Spot trade from tomorrow (06.10.2020)

EHL: Trading of the shares of Eastern Housing Limited will be allowed only in the Spot Market from 06.10.2020 to 07.10.2020 as the record date of the Company is on 08.10.2020.

2020-10-05: Dividend Disbursement

NLI1STMF: The Asset Manager of NLI First Mutual Fund has informed that it has disbursed Cash Dividend for the year ended on June 30, 2020 to the respective unit holders Bank Accounts through BEFTN System. Accounts payee cheques are being issued whose accounts could not be credited through BEFTN.

2020-10-05: Dividend Disbursement

SEBL1STMF: The Asset Manager of Southeast Bank 1st Mutual Fund has informed that it has disbursed Cash Dividend for the year ended on June 30, 2020 to the respective unit holders Bank Accounts through BEFTN System. Accounts payee cheques are being issued whose accounts could not be credited through BEFTN.

2020-10-05: Repeat-Auction Session-11:00-11:15-BUY

CSE NEWS(Repeat): Today CSE will place an Auction Buy Order for 3000 SILCOPHL shares. TREC holders may submit SELL Order at 60% higher or lower than CSE reference price during Auction Session from 11:00-11:15.

2020-10-05: Board Meeting

ENVOYTEX: Envoy Textiles Limited has informed that the Board Meeting of the Company will be held on October 12, 2020 at 2:45 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2020.

2020-10-05: Credit Rating

BNICL: Emerging Credit Rating Limited (ECRL) has assigned the surveillance rating of Bangladesh National Insurance Company Limited as AA- in the long term and ST-2 in the short term along with a stable outlook based on audited financial statements of the Company up to December 31, 2019, six months management report till June 30, 2020 and other relevant qualitative as well as quantitative information up to the date of rating.

2020-10-05: Receive Confirmation

SOUTHEASTB: Mr. Md. Akikur Rahman, one of the Sponsor Directors of Southeast Bank Limited, has further reported that he has completed his receipt of 47,55,229 shares of the Company from his son Mr. Muhammad Mezanur Rahman, by way of gift outside the trading system of the Exchange, as per declaration disseminated on 30.09.2020.

2020-10-05: Board Meeting

BDFINANCE: Bangladesh Finance and Investment Company Limited has informed that the Board Meeting of the Company will be held on October 10, 2020 at 8:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on September 30, 2020.

2020-10-05: Credit Rating

RUPALIBANK: Emerging Credit Rating Limited (ECRL) has informed that it has assigned rating to Rupali Bank Ltd. as AAA in the long term and ST-1 in the short term with a stable outlook as a government supported entity and without government support, ECRL has assigned rating of the Company as A- in the long term and ST-3 in the short term along with a Developing outlook based on audited financial statements of the Company of FY 2016-2019 and other available quantitative and qualitative information up to the date of rating declaration.

2020-10-05: Board Meeting

ARGONDENIM: Argon Denims Limited has informed that the Board Meeting of the Company will be held on October 12, 2020 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2020.

2020-10-05: Auction Session-11:00-11:15-BUY

CSE NEWS: Today CSE will place an Auction Buy Order for 3000 SILCOPHL shares. TREC holders may submit SELL Order at 60% higher or lower than CSE reference price during Auction Session from 11:00-11:15.

2020-10-05: Credit Rating

SONARBAINS: Alpha Credit Rating Limited (AlphaRating) has rated Sonar Bangla Insurance Ltd. as "AA+" in the long term and "ST-1" in the short term along with a stable outlook based on audited financial statements of the Company as on December 31, 2019 and relevant qualitative information till October 03, 2020.

2020-10-05: Change of Close Price

PRIMEINSUR: Please note that the close price of the shares of PRIMEINSUR has been reset at current market price prevailing in other exchange. New close price of PRIMEINSUR=Tk. 28.80.

2020-10-05: Spot Trade Continuing Today (05.10.2020)

SPOT TRADE: Please find SPOT Trade is continuing today on the trading of the shares of UPGDCL & FAREASTFIN.

2020-10-05: Cont2-Commencement of Bidding of Lub-rref (Bangladesh) Limited

CSENEWS(cont2): The Central Depository Bangladesh Limited (CDBL) shall send a report to the exchange regarding holding of EIs in listed securities and the exchange shall ensure the compliance in this regard. Participating EIs will be required to pay full bid amount (100%) and bidding fee BDT 5,000.00 (five thousand only) through the Mutual Trust Bank Limited (A/C Name: Dhaka Stock Exchange Limited, A/C No.:00120320001838) in between 10:00 a.m. of October 12, 2020 to 2:00 p.m. of October 15, 2020 (during banking hour). Please visit the following website for bidding related updates: https://www.essbangladesh.com. (end)

2020-10-05: Cont1-Commencement of Bidding of Lub-rref (Bangladesh) Limited

CSENEWS(cont1): Each EI who intends to participate in the electronic bidding shall maintain a minimum investment of Tk. 1.00 crore only in listed securities as on the end of 4th October, 2020 as per clause (c) of sub-rule (1) of rule 2 of the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015. The minimum tick size (minimum bidding value) for bidding shall be BDT 50 (fifty) lakh which is in accordance with the BSEC consent letter to Lub-rref (Bangladesh) Limited Ref: BSEC/CI/BB-14/2018/189 dated September 03, 2020. (cont2)

2020-10-05: Commencement of Bidding of Lub-rref (Bangladesh) Limited

CSENEWS: The bidding period for Eligible Investors to determine the cut-off price of shares of Lub-rref (Bangladesh) Limited through Electronic Subscription System (ESS) of the Exchanges will commence from 5:00 p.m. on October 12, 2020 and will continue till 5:00 p.m. on October 15, 2020 (round the clock) and valuation report submission period for Eligible Investors through Electronic Subscription System (ESS) of the Exchanges will start at 10:30 a.m. on October 18, 2020 and continue till 10:30 a.m. on October 20, 2020. (cont1)

2020-10-05: Cont2- Reschedule of Commencement of Bidding of Mir Akhter Hossain Limited

CSE NEWS(cont2): Participating EIs will be required to pay full bid amount (100%) and bidding fee BDT 5,000.00 (five thousand only) through The City Bank Limited (A/C Name: Dhaka Stock Exchange Limited, A/C No.: 1121063938001) in between 10:00 a.m. of October 04, 2020 to 2:00 p.m. of October 07, 2020 (during banking hour). Please visit the following website for bidding related updates: https://www.essbangladesh.com. (end)

2020-10-05: Cont1- Reschedule of Commencement of Bidding of Mir Akhter Hossain Limited

CSENEWS(cont1): and continue till 10:30 a.m. on October 12, 2020. Each EI who intends to participate in the electronic bidding shall maintain a minimum investment of BDT 1.00 crore only in listed securities as on the end of 24th of September, 2020 as per clause (c) of sub-rule (1) of rule 2 of the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015. The minimum tick size (minimum bidding value) for bidding shall be BDT 50 (fifty) Lakh which is in accordance with the BSEC consent letter to Mir Akhter Hossain Limited Ref: BSEC/CI/BB-18/2018/174 dated August 23, 2020. (cont2)

2020-10-05: Reschedule of Commencement of Bidding of Mir Akhter Hossain Limited

CSENEWS: Reschedule of Commencement of Bidding of Mir Akhter Hossain Limited through Book Building Method: As per request of the company, the revised bidding period for Eligible Investors to determine the cut-off price of shares of Mir Akhter Hossain Limited through Electronic Subscription System (ESS) of the Exchanges will commence from 5:00 p.m. on October 04, 2020 and will continue till 5:00 p.m. on October 07, 2020 (round the clock) and valuation report submission period for Eligible Investors through Electronic Subscription System (ESS) of the Exchanges will start at 10:30 a.m. on October 08, 2020 (cont1)

2020-10-05: Cont-Compliances and Awareness for Alert to COVID-19

CSENEWS: (cont) (7) Arrangement of mask to provide to employees and clients in the brokerage house, (8) Discourage visitors to enter into the office, (9) Arrangement of virtual office for part of employees on rotation basis and (10) Avoid face to face meetings in the office and encourage telephone/video conference among the employees and clients.(end)

2020-10-05: Compliances and Awareness for Alert to COVID-19

CSENEWS: All concerned are hereby informed that (1) Discourage clients for rushing in the brokerage house and encourage more for trading through mobile apps and other internet based devices, (2) No hand shake, (3) No hugging; (4) Maintain reasonable social distance (at least one meter), (4) Identifying employees and clients who is coughing or sneezing or with any suspicious symptoms, (5) Avoid touching eyes, nose, ears and mouth, (6) Arrangement of hand sanitizer every time to enter office premise (employees, clients and visitors), (cont)

2020-10-05: Cont-BSEC Directive on Maximum Margin Loan Limit

BSEC News(cont): DSEX Index Below - 4000 maximum margin loan limit 1: 0.75 Basis i.e., 75% of clients margin/deposit; DSEX Index 4001 to 7000 - maximum margin loan limit 1: 0.50 Basis i.e., 50% of clients margin/deposit; DSEX Index 7001 or above - maximum margin loan limit 1: 0.25 Basis i.e., 25% of clients margin/deposit. The Directive shall have effect from January 01, 2021.(end)

2020-10-05: BSEC Directive on Maximum Margin Loan Limit

BSEC News: BSEC has cancelled their earlier Directive No. BSEC/Surveillance/2020-975/128 dated 21 September, 2020 regarding Maximum Margin Loan Limit. Therefore, BSEC has issued new Directive No. BSEC/Surveillance/2020-975/132 dated 28 September, 2020 that the TREC holders of the stock exchanges will extend maximum limit of credit facilities to their approved clients in the following manner under the Margin Rules, 1999 until further order:(cont)

2020-10-05: Investor Awareness

BSEC s Message (Repeat): 1) It is not wise to invest in the capital market without having proper information, detail knowledge and experience regarding different aspects and nitty-gritty of the capital market. 2) It is to be kept in mind that the profit or loss whatever you make from investment is belong to you only. Therefore, prudent investment decision based on knowledge and fundamentals can be your real assistance. 3) Don t pay heed to rumors at the time of buying and selling of shares. Buying and selling of shares based on rumor can be harmful. Even spreading of rumor is legally prohibited. (BSEC vide its letter no. SEC/SRMIC/2010/726 dated 23 November 2010).

2020-10-05: Continue- Important news

BSEC (continue) (Repeat): In this situation, in the greater and long term interest of the growing capital market and investors, all related to Stock Exchange and market intermediaries i.e. stock broker/dealer, asset manager, merchant banker, issuer company including their officials are requested to abstain from giving opinion/comment on investment which may create enthusiasm or confusion among the investors. (end)

2020-10-05: Important news

BSEC (Repeat): It is observed that in the context of the present condition of the capital market, many small and new investors are involved which is undoubtedly encouraging. But it is a matter of concern that a portion of these investors without having proper, timely and detail knowledge and reviewing/analyzing the information of the different aspects of the capital market are being attracted in investing on the basis of rumor, hearsay and different comments from different quarters, which may make their hard earned capital risky, as a result, it will not only hamper the confidence of these investors but may also create hindrance of the continuity and firm growth of the capital market. (continue)

2020-10-05: CSE NEWS

Message: All investors are requested to make their investment decision on the basis of financial strength of the companies not on the basis of rumor.

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