Special auditor to look into Sonali Paper assets
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Special auditor to look into Sonali Paper assets

Stocks

Salah Uddin Mahmud
16 January, 2022, 09:10 pm
Last modified: 16 January, 2022, 10:22 pm

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Special auditor to look into Sonali Paper assets

The company revalued its Tk1.13 crore land to Tk517.50 crore

Salah Uddin Mahmud
16 January, 2022, 09:10 pm
Last modified: 16 January, 2022, 10:22 pm
Infograph: TBS
Infograph: TBS

The stock market regulator has decided to appoint a special auditor for Sonali Paper and Board Mills, a concern of Younus Group of Industries, to look into its assets that were revalued in 2016.

The Bangladesh Securities and Exchange Commission (BSEC) has already sent its panel auditors for quotations.

The company revalued its assets through SH Khan & Co Chartered Accountants in 2016.

The value of 1,150 decimal land of the company was Tk1.13 crore, bought at Tarabo area in Rupganj upazila in Narayanganj several years ago.

The company revalued this Tk1.13 crore land to Tk517.50 crore.

BSEC Commissioner Dr Sheikh Shamsuddin Ahmed said a special auditor will try to review the fact of asset revaluation of the company.

If any irregularity is found, the commission will take legal action against the company, he added.

Earlier, the company applied to the commission seeking exemption from the regulatory prohibition for issuing the right shares to comply with the 30 crores paid-up capital requirement.

Currently, the paid-up capital of the company is Tk21.96 crore.

The yearly share price range of the company was Tk196 to Tk960. In the last seven months, its share price has risen by more than 300%.

The company has focused on the capital market instead of the manufacturing business. Its principal activities are manufacturing and marketing of media, liner, simplex, duplex paperboard, and quality papers such as newsprint.

From July to September 2021, its operating income increased by 23%, compared to the same period of the previous year.

The company has invested Tk55.55 crore in the capital market, but its inventories are only Tk22.68 crore.

A big portion of revenue has been generated through capital market investment.

In July 2020, the company relisted on the main board of the stock exchanges taking exemption from the regulator.

In fiscal 2020-21, Sonali Paper and Board Mills posted a 235% year-on-year profit growth, based on other incomes while its revenue growth was 0.42%.

In that fiscal year, the annual revenue of the company stood at Tk141.46 crore with profit jumping to Tk8.94 crore. This profit was the highest in the last eight years.

As profit rose significantly, it had recommended the highest 40% dividends in the last decade for its shareholders; of which 20% was cash and 20% stock.

Sonali Paper & Board Mills was incorporated in 1977 and got listed on the Dhaka Stock Exchange in 1985 and on the Chittagong Stock Exchange in 1996.

Younus Group took over the company after buying all shares in 2006.

After 17 years of acquiring, the new management has applied for bringing the company back to the mainboard in 2020.

Top News

Sonali Paper / Sonali Paper and Board Mills / assets / Special Auditor

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