MJL Bangladesh to buy 2.20cr Prime Bank shares within 30 days
Staff Reporter :
Another listed company, MJL Bangladesh PLC, has announced the purchase of more than 2 crore shares of Prime Bank, a listed banking sector company.
Prime Bank announced on the DSE website on Wednesday, MJL Bangladesh PLC.- a corporate director of the company, has expressed its intention to buy 2.20 crore shares of the company at the prevailing market price through Dhaka Stock Exchange PLC within the next 30 working days. These shares will be bought through the block market.
MJL Bangladesh will have to invest approximately Tk 48.40 crore to buy that amount of shares at the current market rate.
MJL Bangladesh PLC is a joint venture company between EC Securities Limited, a subsidiary of East Coast Group, and the state-owned Jamuna Oil Company.
Tanjil Chowdhury, Chairman of Prime Bank, has served as the Representative of EC Holdings Limited. He is also a director of MJL Bangladesh PLC.
According to Prime Bank’s latest financial report for 2022, He is the Managing Director of East Coast Group, a diversified conglomerate with more than 44 years of experience in the Downstream Hydrocarbons & Energy sector.
At the same time Prime Bank Director Azam J Chowdhury – East Coast Shipping Lines Limited has served as Representative.
According to the latest financial report of the bank, Azam J Chowdhury is the Chairman & owner of East Coast Group, a conglomerate focused on the fuel & energy sector for more than three decades.
He is also a director of MJL Bangladesh Limited.
The journey of blending world-class lubricants in Bangladesh started in 1998 when Mobil Corporation, later known as Exxon Mobil Corporation, decided to set up Mobil Jamuna Lubricants Limited in partnership with Jamuna Oil.
MJL Bangladesh entered the stock market in 2011.
East Coast Group owns more than half of the firm, while Jamuna Oil holds nearly one-fifth of the company’s shares.
Other than Mobil-branded products, MJL has been establishing its own brand, Omera, in other categories where Omera products will not be in direct competition with Mobil products.
Prime Bank PLC, a leading commercial bank in the country, being committed to service excellence and innovation, Board of Directors recommended a 17.5 percent cash dividend to its shareholders for the year 2023, recently published on DSE website.
According to the audited financial statements for the year 2023, earnings per share (EPS) stood at Tk 4.24, increased from Tk 3.53 the year before.
The net asset value (NAV) per share stood at Tk 30.76 for 2023, up from Tk 28.41 for 2022, and the net operating cash flow per share (NOCFPS) was Tk 10.09, which was Tk 0.23 in the negative a year ago.
The annual general meeting (AGM) will be held on May 30, while the record date is May 7.
