Star Adhesives Ltd, part of the Partex Star Group, has received approval from the Bangladesh Securities and Exchange Commission to issue a Tk50 crore convertible bond. The bond will be unsecured, fully convertible or redeemable over six years, with a one-year moratorium. It will feature a floating interest rate, changing periodically throughout its tenure, and a face value of Tk1 lakh per unit. The bond aims to support business expansion and refinance bank loans. Established in 2013 and listed on the SME platform in 2022, Star Adhesives manufactures adhesives, lubricants, lacquer, spray paint, silicon, brake oil, and grease. In the fiscal year 2022-23, the company reported revenue of Tk54.91 crore, up from Tk49.91 crore the previous year, and a profit after tax of Tk5.42 crore. The company also declared a 12.5% cash dividend to shareholders. Its earnings per share stood at Tk2.71, with a net asset value per share of Tk15.42 as of June 2023.
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