Achia Sea Foods files for Tk15cr through QIO
Achia Sea Foods Ltd wants to raise Tk15 crore from the capital market through a qualified investor offer (QIO) to expand the business.
The company has already applied to the Bangladesh Securities and Exchange Commission (BSEC) recently.
Achia Sea Foods Ltd is a shrimp producer company in the frozen food processing industry. It was launched on 27 December 1993.
The company is engaged in the processing and exporting of finished quality seafood products ‘shrimps and fishes’ in the foreign market.
The company will issue 1.5 crore general shares, each priced at Tk10.
The company will use the money for balancing, modernisation, rehabilitation and expansion, and for loan payment.
According to the financial statements of 30 June 2021, the revenue of the company was Tk137.73 crore, which was Tk44.02 crore in the previous year.
Consequently, the net profit of the company was Tk4.20 crore, which was Tk1.48 crore in the previous year.
During the period, its earnings per share was Tk1.88 and net asset value per share was Tk17.07.
The return on assets ratio and return on equity ratio of the company was 4.95% and 11% till 30 June 2021 respectively.
Earlier, the company applied to the commission for an initial public offering (IPO) but failed to comply with public issue rules.
Bangladesh’s frozen foods industry is one of the most significant components of the country’s economy. The country earns a significant amount of foreign currency from the exporting of frozen foods to the European and American Market.
The public sector corporation and the private organizations have set up about 145 shore-based export-oriented fish processing plants in different areas across the country.
The export of frozen fish and shrimps were $214.14 million from July to October of the current fiscal year 2021-22.