Al-Madina Pharma allowed to raise Tk5cr through QIO
The company will use the fund to expand its business and repay loans
The Bangladesh Securities and Exchange Commission (BSEC) has allowed Al-Madina Pharmaceuticals to raise Tk5 crore from the SME platform of the stock market through a qualified investor offer (QIO).
The company will issue 50 lakh shares at a face value of Tk10 each, and use the fund to expand its business and repay loans.
Prime Bank Investment is the issue manager of the company's QIO.
Al-Madina Pharma will not be able to declare any stock dividend for three years from its stock market listing.
The company, incorporated in 2006, manufactures more than 150 veterinary drugs and imports more than 70 human drugs. Its factory is situated in Tongi, Gazipur.
In the fiscal 2021-22, the company's earnings per share stood at Tk1.3, and net asset value per share at Tk21.65 with revaluation, and at Tk12.63 without.
According to its prospectus, the company's revenue was Tk32.67 crore in the July to December of 2021, which was Tk20.93 crore in the same six months of the previous year.
During the period, it made a profit of Tk1.85 crore, which was Tk0.76 crore a year ago.
The pharmaceutical industry has developed considerably in Bangladesh. In the post-independence period, Bangladesh was almost 100% dependent on imported foreign medicines. But now, Bangladeshi medicines are being exported to 180 countries of the world.
Local companies are now meeting 98% demand of the domestic market. They are developing and producing a variety of complex and international standard medicines including vaccines, medicines for heart and cancer diseases, and insulins.
