The board of Directors of Doreen Power Generations and Systems Limited in its board meeting held recently has decided to acquire 99.90 per cent shares of Chandpur Power Generations Limited.
The company had 60 per cent ownership before this decision, said a statement.
The board of directors has adopted un-audited financial statements for the third quarter ended on 31 March 2019. Consolidated EPS was Tk. 1.45 for January-March 2019 as against Tk.1.72 for January-March 2018 and consolidated EPS was Tk. 5.32 for July 2018-March 2019 as against Tk. 5.53 for July 2017-March 2018. Consolidated NOCFPS was Tk. 6.82 for July 2018-March 2019 as against Tk. 13.43 for July 2017-March 2018. Consolidated NAV per share was Tk. 41.62 as on 31 March 2019 and Tk. 36.68 as on 30 June 2018.
Due to lower demand of electricity in national grid, both production and supply of electricity have reduced. As a result, EPS has slightly decreased in the current period compared to last year, as per company source.
Currently, the company is supplying 176 mw electricity in the national grid from its existing five power plants.
Chandpur Power, a 115 MW under construction power plant will commence its commercial operation in next financial year. The management of the company expects that it will generate yearly sales revenue of about Tk.6,000 million to Tk.7,000 million by utilising only 70% of its installed capacity and company will earn about Tk.800 million net profit from this revenue.
And 99.99 per cent of this net profit will be added with Doreen Power’s current profit.
The company was listed with stock exchanges in 2016. At present it has 116.16 million numbers of ordinary shares outstanding. Sponsor directors hold 66.61%, corporate investors hold 21.35% and remaining 12.04% shares of the company is held by general investors.
In last financial year, EPS of the company was Tk.7.85. As on 31 March 2019, NAV per share stood Tk.41.62. Price Earnings (P/E) ratio is 11.55 based on current market price and EPS of latest audited financial statements and it is 10.66 based on EPS of latest un-audited financial statements.