Advanced Chemical Industries Ltd (ACI), country’s leading conglomerates with business in FMCG, Healthcare, Agriculture and retail, has decided to enter maritime and riverine businesses. The comapnay shared that it will set up a new subsidiary company, ACI Marine and Riverine Technologies Ltd., in this regard.
The decision was taken at the company’s 189th meeting of board of directors held on Thursday in the capital.
The paid-up capital of the proposed subsidiary company will be Tk 100 million and authorised capital will be Tk 500 million where ACI will own 77 percent stake.
Dr Ansarey, Managing Director of ACI Agribusiness, has been selected as the managing director of the new subsidiary. He is currently leading many other businesses of the group, including agricultural businesses, automobiles, chemical and plastic.
Initial plan of the subsidiary includes dredging, shipping, inland water transportation and technological services for maritime and riverine activities.
Earlier in June this year, ACI decided to form it’s fourth joint venture project with a Danish juice manufacturer, CO-RO, where the ACI will invest Tk 49.9 crore in two years to hold 49.9 percent shares of the company named ACI CO-RO Bangladesh Ltd.
The CO-RO has its presence in juice markets of 80 countries worldwide and is the leading company in the sector in many Asian countries.
ACI was listed on the Dhaka bourse in 1976. The pharma sector company belongs to the “A” category. Each share of the company traded between Tk 257 and Tk 267.50, before closing at Tk 257.60 on Thursday at the prime bourse. The company’s share price hovered between Tk 240 and Tk 398 in the last one year.
ACI posted revenue of over Tk 4,600 crore until March 31, 2019 according to the third quarter financial report. The revenue is projected to surpass Tk 6,000 crore this year.
The company’s consolidated earnings per share (EPS) turned negative to Tk 6.25 for January-March 2019 as against Tk 0.93 for January-March 2018. In nine months for July 2018 to March 2019, its consolidated EPS was also negative Tk 5.81 for as against Tk 8.64 for July 2017-March 2018.
The consolidated net operating cash flow per share (NOCFPS) was negative Tk 67.72 for July 2018-March 2019 as against negative Tk 64.16 for July 2017-March 2018.
The consolidated net asset value (NAV) per share was Tk 206.06 as on March 31, 2019 and Tk 222.09 as on June 30, 2018.
The company disbursed 115 percent cash and 3.50 percent stock dividend for the year ended on June 30, 2018.
The company’s paid-up capital is Tk 498.89 million and authorised capital is Tk 1.50 billion while total number of securities is 49.88 million.
The sponsor-directors own 35.28 percent stake in the company, while the institutional investors own 41.75 percent and the general public 22.97 percent as of August 31, 2019.
ACI Ltd is one of the largest conglomerates in Bangladesh with a multinational heritage operates across the country through its four diversified strategic business units.
The ACI Ltd, as a legacy of British multinational Imperial Chemical Industries, came under the control of local entrepreneurs in 1992 following a divestment. It was renamed as the ACI Ltd from the ICI Bangladesh Ltd.
Now the conglomerate produces over 5,000 products with the help of a workforce of around 10,000 people.