Bear grabs Dhaka stocks for 2nd week

Dhaka stocks dropped last week, extending its bear run for the second consecutive week, amid decreased participation of investors, market operators said.
The general index of Dhaka Stock Exchange lost 65.09 points, or 2.36 per cent, in the week closing at 2,695.58 on Thursday, while its blue chips index, DSE20, shed 71.86 points, or 3.16 per cent, to finish at 2,199.34.
A merchant bank official said the market witnessed a selling pressure from investors, especially from retailers, who—dejected by the recent prevalence of dullness at the market—scurried to sell off their holdings. He, however, said some investors also offloaded shares to gather cash to buy initial public offerings of Bay Leasing and Investment Ltd, subscription of which starts today.
Before the recent bear run, the market had been in a bull run for a couple of weeks thanks to an increased participation of investors after a two-and-a-half-month lull.
A DSE stockbroker said the price movement at the market fluctuated almost every day in the week, reflecting the investors’ shakiness about the market trend. The market also saw volatility in the share prices of a number of low-profile ‘Z’ category issues following various rumours and speculations, he said.
Out of the 295 issues, 104 advanced, 158 declined, two remained unchanged, and 31 were not traded in the week.
The DSE market capitalisation stood at Tk 1,02,467 crore on Thursday, 1.79 per cent down from the previous week’s closing at Tk 1,04,339 crore.
The DSE daily average turnover went down by 15.50 per cent to Tk 344.26 crore from the previous week’s Tk 407.39 crore.
Titas Gas topped the turnover leaders with a total transaction of Tk 176 crore, which accounts for 10.22 per cent of the week’s total turnover of Tk 1,721 crore at the bourse.
Shinepukur Ceramics, Beximco, Summit Power, Beximco Pharmaceuticals, Grameen Two Mutual Fund, Aims 1st Mutual Fund, ACI Formulations, Summit Alliance Port, and Keya Cosmetics are the rest of the week’s top 10 turnover leaders.
Al-Haj Textile is the week’s biggest gainer with a 61.69 per cent rise in its share price, with Lexco being the worst loser with a 19.74 per cent fall.
Of the total turnover of the week, ‘A’ category issues account for 64.60 per cent, ‘B’ category 2.12 per cent, ‘N’ category 29.41 per cent, and ‘Z’ category 3.87 per cent.

Trade tops bank loan

The sectoral distribution of bank credit has marked a significant change, with a majority share going for trade financing, central bank data show.

Some 35.4 percent of total bank credit was meant for the trade financing as of September 2008, which was only 18.7 percent in March.

Up to September, the bank advances for industrial purposes reached 21.1 percent from 27.2 percent six months ago.

Senior bankers blamed the commodity price hike and subsequently a rush in opening of letters of credit (LC) for the trade financing. Some mid level private bank officials think that trade financing has increased because the banks are encouraged to do such financing on the plea that higher and faster repayment is ensured.

“A considerable number of LC was opened during the July-September quarter of 2008 on a speculative further rise in the commodity prices in international market,” said Mahmud Sattar, managing director of The City Bank.

Prices of commodities, including rice, wheat, edible oil and petroleum products all were in the peak till the third quarter of 2008. Prices of some of these products quadrupled in a year.

Sattar, also president of the Association of Bankers Bangladesh (ABB), a forum for bank chief executives, predicted a fall in the credit for trade sector in October-December period because of a price-drop.

BB data show domestic credit increased by Tk 17,412.9 crore or 7.0 percent during July-October 2008 as against Tk 10,007.7 crore or 4.87 percent during the same period a year earlier.

On the other hand, private sector credit grew by Tk10, 370.5 crore or 5.45 percent during July-October 2008 compared to a Tk 8,593 crore or 5.65 percent rise in the same period a year earlier.

Only 21.1 percent of total bank advances were for industry, 35.4 percent for trade, 2.3 percent for transport and communication, 16.0 percent for working capital, 6.8 percent for agriculture and 18.4 percent for other purposes.

As per BB data on bank advances up to March 2008, 27.2 percent was industrial, 24.7 percent working capital and 18.7 percent for trade on year-on-year basis.

“Credit to trade sector generates a handsome income from different commission and charges,” a mid level official of a private bank said.

On the declining trend in industrial financing, the ABB president said there was no big investment proposal in 2008.

Mahmud Sattar also differed with the central bank on the so-called 'unproductive sector'.

“I don't believe there is any unproductive sector,” he categorically said. Consumer credit generates power for consumption of people, he added.

Prime Insurance gets new MD

AQM Wazed Ali has joined Prime Insurance Company Ltd as its managing director recently.
Before the joining, he was the deputy managing director of Federal Insurance Company Ltd, a news release said.
After obtaining post-graduate degree from Dhaka University, Wazed started his career as a lecturer of a private college. Thereafter, he joined in the insurance industry in 1986 mainly concentrating in the underwriting department. During his 22-year insurance career he underwent various training courses and took part in seminars and workshops on different aspects.

New issues lift stocks

The debut of two new issues pulled up the indices of Dhaka Stock Exchange on the first day of the New Year yesterday.

Maksons Spinning Mills has joined the stock market by floating 80 lakh ordinary shares of Tk 10 each. The National Housing Finance and Investment has joined in by offloading five lakh ordinary shares of Tk 100 each.

The indices would have closed lower if the two companies had not debuted, market experts said. The two companies added 25 points to the indices.

The benchmark index of Dhaka Stock Exchange, DSE General Index, rose 12.27 points, or 0.43 percent to 2,807.61 points. The DSE All Share Price Index also increased 11.68 points, or 0.5 percent to 2,321.04 points.

Most securities however traded down on the DSE due mainly to corrections in prices following gains for a few days. Of the 234 traded issues, 97 advanced, 131 declined and six remained unchanged.

The market opened with a big jump in the index. The DGEN gained about 40 points in the first few minutes. In 30-minute trade, the gains stood at 20 points. The market gained another 20 points in the next 30 minutes.

In the next 60 minutes, the market witnessed a sharp decline. By the mid-session, it slipped to 2781 points, the day's lowest.

The market maintained an upward movement for the rest of the session. The DGEN ended higher over the previous day's trading.

A total of 3,52,44,566 shares worth Tk 430.65 crore changed hands on the premier bourse.

Summit Power topped the turnover leaders on the DSE with 3,31,700 traded shares worth Tk 32.63 crore. The other turnover leaders were Titas Gas, Beximco Pharma, ACI Formulations, Grameen Mutual Fund One: Scheme Two, ACI, AIMS 1st Mutual Fund, Shinepukur Ceramics, National Bank and Beximco.

Chittagong stocks marked a fall. The CSE Selective Categories Index declined 31.19 points, or 0.54 percent to 5649.39 points. The CSE All Share Price Index also fell 32.41 points, or 0.37 percent to 8660.33 points.

A total of 75,95,638 shares worth Tk 68.82 crore changed hands on the Chittagong Stock Exchange. Of the 143 traded scrips on the port city bourse, 65 advanced, 70 declined and eight remained unchanged.

Beximco Pharma topped the turnover leaders on the CSE with 3,69,000 traded shares worth Tk 6.11 crore. The other turnover leaders were Summit Power, Grameen Mutual Fund One: Scheme Two, Beximco, AIMS 1st Mutual Fund, Shinepukur Ceramics, ACI Formulations, Titas Gas, Maksons Spinning Mills and National Housing Finance and Investment.

PCBs post rise in profit

Private commercial banks (PCBs) kept up a good show in 2008 despite a global and domestic slowdown in business activity, according to data received from different PCBs.

The operating profit of a PCB was as high as 97 percent and the lowest margin was 23 percent for 2008.

Bankers put the growth down to higher import payments following a huge rise in the prices of commodities from the beginning of 2008.

“The commodity price hike that lasted through the third quarter of 2008 pushed the banks' profit up in 2008,” said Shahjahan Bhuiyan, managing director of United Commercial Bank (UCB).

“Banks' commission income increased significantly because of a price rise in 2008,” said AKM Shafiqur Rahman, executive vice president and secretary of National Bank Limited (NBL).

The operating profit of Al-Arafah Islami Bank rose by 97.5 percent to Tk 158 crore in 2008 from Tk 80 crore in 2007. Shahjalal Bank and Islami Bank saw operating profit increasing by 57 percent and 55 percent respectively in 2008, from a year earlier.

National Credit and Commerce Bank recorded a 33 percent rise in operating profit to Tk 236 crore in 2008 from Tk 178 crore a year ago. The growth rate for UCB and NBL, two first-generation PCBs, was 24 percent and 28 percent respectively in 2008.

Operating profits by NBL and UCB reached Tk 374 crore and Tk 260 crore respectively in 2008.

Operating profits of BRAC Bank, a third-generation private bank, also increased by over 23 percent to Tk 200 crore from Tk 162 crore in 2007.

Prime Bank's operating profit soared to Tk 410 crore in 2008 from Tk 326 crore in 2008. Pubali Bank earned Tk 60 crore more than its 2007 income of Tk 306 crore.

Southeast Bank posted Tk 300 crore in operating profit, up from Tk 291 crore in 2007.

Of the other banks, EXIM earned Tk 260 crore, Dhaka Bank Tk 254 crore, Dutch-Bangla Tk 221 crore, Mercantile Tk 190 crore, IFIC Tk 177 crore, Basic Tk 175 crore, Standard Bank Tk 156 crore, Trust Bank Tk 138 crore, Jamuna Bank Tk 120 crore, One Bank Tk 110 crore and Social Investment Bank Tk 100 crore, according to data tallied by The Daily Star.

AB Bank's operating profit however dipped by Tk 15 crore to Tk 450 crore in 2008 from Tk 465 crore in 2007.

“Banks in Bangladesh saw a good year in 2008 despite the global financial turmoil. Credit should go for the central bank for its prudent and effective guideline,” said Nurul Amin, managing director of NCC Bank.

“We have also seen growth in the banking industry in 2008 in spite of a slowdown in the global economy,” said Syed Abu Naser Bukhtear Ahmed, chief executive officer of state-owned Agrani Bank.

Agrani's operating profit reached Tk 600 crore in 2008 from Tk 526 crore a year ago.

The operating profit of the PCBs had increased by nearly Tk 1,500 crore to Tk 5,200 crore in 2007, up from Tk 3,734 crore in 2006.

The country's imports grew by 31.66 percent in the first four months of the current fiscal year, compared to the same period of the previous fiscal year, according to Bangladesh Bank data.

The value of letters of credit against imports worth $7.898 billion was settled in the July-October period of fiscal 2008-2009, compared with $5.999 billion in the same period of the previous fiscal year.

Credit to the private sector rose by 24.72 percent to Tk 39,736 crore in October 2008, compared to the same period of the previous year.

Prime Bank to set up SME centres in remote areas

The Prime Bank Limited will set up SME service centres in remote areas of the country to help grow small and medium enterprises, said the bank’s managing director, Mohammad Ehsanul Haque.
‘Prime Bank has big plans for SME banking, but it will not be easy to offer large-scale SME service, BRAC Bank does, to the customers,’ he said.
Mentioning the preference given by his bank to banking and reaching it to the doorstep of the clients, the managing director said the Prime Bank was providing home loans, car loans, loans for education, travel and purchase of consumer goods, marriage loan, doctors’ loans, and loans against salary.
‘Prime Bank has secured top position in the country’s private banking sector in term of holding assets and investment which has made the bank’s financial condition sound,’ Haque said, adding that the bank’s total asset now stood at Tk 16,000 crore.
The Prime Bank’s capital amounts to Tk 713.74 crore and capital adequacy ratio is 10.50 per cent. Portfolio loan of the bank has increased 36 per cent to Tk 7,414 crore.
Regarding corporate social responsibility, he informed New Age that the bank was running a number of projects in different areas that include health and education through the Prime Bank Foundation.
‘We have provided free medical services to children with heart problems,’ he said.
The bank is also planning to set up an international standard hospital in the country so that people need not go abroad for treatment, he announced.
Prime Bank earned a net profit of Tk 140.07 crore in 2006-07 against the previous fiscal year’s Tk 105.19 crore, according to the DSE official website.
As per the un-audited half-yearly accounts, as on June 30, 2008, the bank achieved a consolidated profit after tax of Tk 82.60 crore against Tk 62.86-crore post-tax profit in the same period of the previous. The net turnover in the period was Tk 270.78 crore.
Prime Bank started its journey on April 17 in 1995. The bank was listed with the Dhaka Stock Exchange on March 29, 2000. It is also listed with the Chittagong Stock Exchange.

Capital market ends a topsy-turvy year

Heavy inflow of liquidity and entry of fresh investors in the first half of 2008 helped Bangladesh’s stock market sustain the bull run it witnessed in 2007, surpassing all the records in market indicators made during a boom from January 14 in the previous year, the first trading day under the state of emergency.
The market, however, spiralled down towards the yearend, due to a low fund-flow to the market ahead of the national polls held on Monday. But, the closing week of 2008 saw a rebound at the Dhaka and Chittagong stock exchanges.
‘The market saw a downtrend at the later half of the last year as institutional investors had pulled out their funds and remained almost inactive. The trend started in the middle of the last year, but we observed it very sharply only during the last couple of months,’ said Abu Ahmed, a professor of economics at Dhaka University.
Due to the downtrend, the general index of Dhaka Stock Exchange lost 221.87 points, or 7.35 per cent, in last year to close at 2795.34 on December 30, the last trading day of 2008, from the previous year’s close at 3017.21. The benchmark index sank to its lowest in the year at 2459.48 on November 27.
‘As like as 2006, early last year, institutional and big individual investors injected huge funds to the market, finding other investment options limited,’ said Abu Ahmed.
He said long-lasting bullish trend also lured a huge number of fresh investors to the stock market. More retail investors entered the market hoping to make quick capital gains.
‘With leading brokerage houses opening their branches in divisional cities, the retail investors in those areas found direct access to the market, boosting the liquidity situation,’ he said.
During the period, on June 1, the DSE general index touched its peak of 3,207.89 points.
The DSE recorded its highest-ever turnover on October 10 at Tk 590.51 crore. Its market capitalisation peaked to Tk 1,04,380 crore on December 30, rising 20 per cent in the year.
Abu Ahmed said the escalation in the share market did not truly reflect the country’s overall economic performance. The market, which lacks quality shares, has often gone wrong with unusual share price inflations as more funds rushed for a few stocks, prompting interventions of the Securities and Exchange Commission, the stock market regulator.
The SEC’s interventions often resulted in a slowdown of the market, sparking off angry demonstrations of investors against the regulator’s role. The investors, however, sometimes, even took to the streets seeking the commission’s actions in arresting the stock market slide.
Mahmood Osman Imam, chairman of the finance department of Dhaka University, said, ‘The last week’s surge indicated that institutional and retail investors, who had kept an wait-and-see policy in the last couple of months, expected a healthy return in days to come.’
SEC chairman Faruq Ahmad Siddiqi said, ‘Stock market achieved phenomenal growth in the last two years. He hoped that the capital market in Bangladesh would register further growth in the next two years, with telecom sector and good companies from other sectors offloading shares on the market. The introduction of book-building method of initial public offering-pricing will contribute to the expected growth of the capital market, he said.
In 2007, the DSE general index gained 1,434.12 points, or 91 per cent, to close at 3017.21 on December 30.
A total of 15 companies got listed with the country’s bourses, floating IPOs and offloading shares on the bourses through direct listing regulations, in 2008.

Stocks rise on hope for improved business climate

Stock prices soared yesterday, buoyed by investor optimism on improved business and political climate after the national poll Monday.

Beximco companies, some sponsors of which are associated with the winner party Awami League in the election, steered the upbeat as investors, mainly retailers, ventured to bag shares, also in the banks, fuel and power sectors.

“Investors are positive as they optimist about improved politico-business climate in the days to come,” said Arif Khan, an analyst at IDLC Finance.

The benchmark DGEN or DSE General Index or DGEN surged 66.73 points, or 2.44 percent to 2795.33. The DSI or All Shares Price Index rose 50.96 points, or 2.25 percent to 2309.35. The DSE-20 blue chip index gained 36.99 points, or 1.61 percent to 2328.71.

Gainers beat losers 175 to 50. Five issues closed unchanged. Turnover reached the highest since mid- October. Total turnover rose to Tk 430.94 crore yesterday from Tk 290.18 crore the previous trading day (Sunday).

Beximco Pharma led the gain followed by Summit Power, Titas Gas, Beximco and Shinepukur Ceramics.

Beximco Pharma, one of the market heavyweights, climbed 10.69 percent to Tk 167. Summit Power, second leader in the turnover board, surged 14.76 percent to Tk 966. State-run Titas Gas added 2.88 percent to Tk 499. Shares of Beximco and Shinepukur Ceramics also ended higher.

Of the other issues on the turnover table, Grameens 2 mutual fund, ACI Formulations and Uttara Bank closed higher. National Bank and ACI slipped.

On the Chittagong Stock Exchange, CASPI or All Share Price Index added 2.32 percent to 8692.7457. The CSE 30 advanced 1.78 percent to 7566.94. The CSCX or Selective Index also finished higher.

Dhaka stocks surge for 4th day

Dhaka stocks surged on Tuesday amid a strong participation of institutional and big individual investors after the Monday�s national polls, market operators said.
The general index of Dhaka Stock Exchange gained 66.73 points, or 2.45 per cent, to close at 2795.34, while its blue chips index, DSE20, advanced by 36.99 points, or 1.61 per cent, to finish at 2328.71.
A merchant bank official said the market witnessed a strong participation of institutional and retail investors, expecting a healthy return in days to come. The Monday�s national polls lifted the investors� confidence level, he said.
The institutional investors, who already had completed their year-end loan adjustments, also started to inject funds into the market, signalling a recoup, he added.
With the Tuesday�s rise, Dhaka stocks posted gain for the fourth consecutive trading days.
Stock market analysts said the market got back pace in the last week as investors bought shares availing themselves of the lower prices of the securities after a two-and-a-half-month lull.
The DSE turnover increased to Tk 430.95 crore on Tuesday from the Sunday�s Tk 290.18 crore. The market indicator crossed Tk 400-crore mark for the first time since October 21.
Trading at the Dhaka and Chittagong bourses remained closed Monday due to the 9th parliamentary elections. The bourses will remain closed today due to a bank holiday.
Of the total 230 issues traded on Tuesday, 175 advanced, 50 declined and five remained unchanged.
Beximco Pharmaceuticals topped the turnover leaders with a total transaction of Tk 43.46 crore. Summit Power was the second biggest turnover leader with Tk 39.27 crore.
Titas Gas, Beximco, Shinepukur Ceramics, Grameen Two Mutual Fund, National Bank, ACI, ACI Formulations, and Uttara Bank were the rest of the day�s top 10 turnover leader.
The day also saw a significant rise in share prices at the Chittagong Stock Exchange.
The CSE selective categories index gained 141.16 points, or 2.55 per cent, to close at 5680.59, while its blue chips index, CSE30, advanced by 132.69 points, or 1.78 per cent, to finish at 7566.95.
Of the total 139 issues traded on the CSE floor, 107 posted gains, 30 dropped and two remained unchanged.
Turnover at the CSE went up to Tk 59.94 crore from the Sunday�s Tk 51.90 crore.

UTTARABANK

The bank has informed that the Board of Directors of the Bank has decided to purchase floor space measuring 4,600 sft (approx) at the 1st floor of "Tajmahal Tower" 66, Moulavibazar, Dhaka for accommodation of Bank's Moulavibazar branch, Dhaka as well as Zonal Office, Dhaka South Zone at a cost of Tk. 4,60,00,000.00 (Taka four crore sixty lac) only excluding registration, utility and other charges."

15 companies go public in 2008

Staff Correspondent

A total of 15 companies have got listed with the country’s bourses, floating initial public offerings and offloading shares on the bourses through direct listing regulations, in 2008 that ends tomorrow.
Five of the 15 companies – Jamuna Oil Company, Meghna Petroleum, Titas Gas Transmission and Distribution Company, ACI Formulations, and Shinepukur Ceramics – made their way into the capital market through direct listing regulations, while the rest got listed through issuing IPOs worth around Tk 275.4 crore.
Of these 10 companies, Fidelity Assets and Securities Company raised Tk 14.06 crore, Continental Insurance Tk 9 crore, Delta-Brac Housing Tk 5 crore, ICB AMCL Second NRB Mutual Fund Tk 80 crore, Grameen Two Mutual Fund Tk 15.34 crore, First Security Bank Tk 115 crore, Summit Alliance Port Tk 10 crore, Takaful Islami Insurance Tk 9 crore, Standard Insurance Tk 9 crore, and Northern General Insurance Company Tk 9 crore.
Jamuna Oil, Meghna Petroleum and Titas Gas, three state-owned enterprises, were listed through offloading their shares worth Tk 13.50 crore, Tk 12 crore and 214.12 crore respectively, while the private-sector companies ACI Formulations and Shinepukur Ceramics offloaded shares worth Tk 8.99 crore and Tk 35.01 crore respectively.
The shares of these five companies, however, were sold at prices a number of times their face values.
In 2007, a total of 14 companies raised Tk 492.39 crore by floating IPOs.
‘We have not received our expected response from the private-sector companies on issuing IPOs in 2008, when the stock market continued with its phenomenal growth starting from the first month of the previous year,’ said a senior official of the Securities and Exchange Commission.
SEC chairman Faruq Ahmad Siddiqi, however, hoped that the capital market would register further growth in the next couple of years, with telecom sector and good companies from other sectors offloading shares on the market. The introduction of book-building method of IPO pricing will contribute to the expected growth of the capital market, he said.
The SEC early this month approved the draft rules of book-building method for IPO pricing.
When the rules are finalised and come into effect, they are expected to result in a radical shake-up of the capital market.
Book-building is a mechanism where, during the period for which the book for the offer is open, the bids are collected from investors at various prices within the price band specified by the issuer.
Stock market experts said entrepreneurs of large private-sector companies thought under the existing fixed-price method they would not have received fair deals if they had floated IPOs. Introduction of book-building process of IPO pricing will encourage the private-sector companies to enter the country’s capital market.

Raising investment big challenge for next govt

Staff Correspondent

Desperately in need of much higher investments for infrastructure building and job creation, the next government is set to face difficulties in financing domestic investments and attracting foreign direct investment, given the global recession, suggest the latest economic trends.
Major contenders for power, in their polls manifestoes, have made a huge number of pledges, which will require significant increase both in public and private investments but they have not pointed out the sources of funding for meeting the costs of new ventures.
The world’s three key economic triangles — Japan, the European Union and the United States — which have accounted for about 35–40 per cent of the foreign direct investment inflows to developing Asia in recent years, have been afflicted with the economic recession.
Already in view of shortfall in supply of electricity and natural gas, the Board of Investment has limited its targets of attracting investments in industries, such as information technology, which do not consume much energy, say officials concerned.
However, the officials say, the new government would have the scope to invite investment in exploration of gas, setting up power plants and building infrastructure like highways and ports, although the newly-emerged challenge of global financial crisis has made it uncertain whether foreign investors would come up with initiatives.
In 2007, the country witnessed significant fall in investments due largely to the state of emergency and political uncertainty, apart from other problems of doing business.
The outgoing finance and planning adviser, AB Mirza Azizul Islam, has stressed the need for mobilising domestic resources for meeting the investment needs in the days to come. ‘It will be essential to increase public investments in infrastructure, including power and gas, subject to availability of money,’ he told newsmen in the past week, leaving a number of challenges for the next government.
The finance adviser also acknowledged that it would be hard for the next government to get access to adequate foreign exchange through exports, foreign aid and remittances, should the current recession prolongs beyond 2009.
The next government will need to invest over $8 billion (approximately Tk 55,000 crore) for commissioning various power projects to reach a target of generating 9,000 megawatts of electricity by 2012, according to a recent estimate by the Centre for Policy Dialogue.
‘FDI investors are reluctant to venture out during economic recession,’ noted a policy paper of the centre on the state of Bangladesh economy, adding that conducive investment environment and investment opportunities could induce some of them to look for alternative opportunities in countries such as Bangladesh.
Foreign investment remains a major concern for a least developed country like Bangladesh as, an international research on ‘Sources of FDI Flows to Developing Asia’ says, international trade and foreign direct investment are key determinants of trade and growth in much of the developing Asian region.
The flow of foreign direct investment into the country dropped 16 per cent to $666 million in 2007 from $793 million in 2006. The decline saw Bangladesh losing its ranking by one notch to 121st in inward FDI performance index and slip to 119th from 117th in the inward FDI potential index among 141 economies, according to the recent World Investment Report 2008 prepared by the United Nations Conference on Trade and Development.
However, the private investment has registered a slow pace of growth in recent years – 17 per cent of gross domestic product in 2003-04 to 19.2 per cent of GDP in 2007-08.

APEXWEAV

In response to a DSE query regarding acquisition of 39,99,998 ordinary shares of Sattar Textile Mills Limited (STML), the company has further informed the following information: 1. Face Value of each share of STML is Tk. 100.00, 2. Total paid up Capital of STML is Tk. 40 crore, 3. Price for Acquisition (per share): Transferor (STML) TK. 99.43, Transferee (AWFML) Tk. 182.65 and 4. Net profit of STML was Tk. 10.71 million for the year ended on 30.06.08.