Published at: The Financial Express, February 17, 2019
JMI Syringes & Medical Devices has decided to sell per share at Tk 164.10 to NIPRO Corporation of Japan, including Tk 154.10 as a premium.
The decision was taken at an extra-ordinary general meeting (EGM) held on Saturday, according to an official disclosure on Sunday.
The JMI will issue total 11.10 million ordinary shares total amounting more than Tk 1.82 billion subject to consent of the Bangladesh Securities and Exchange Commission (BSEC) and other relevant regulatory bodies.
Earlier, on January 03, this year, Japanese company NIPRO showed ‘keen’ interest to subscribe 11.10 million shares in the JMI Syringes, a listed company.
The JMI Syringes’ paid-up capital will be raised through issuing 11,100,000 ordinary shares.
JMI Syringes has also resolved that the proceeds of proposed capital raising will be used for the purposes of project expansion, repayment of bank liabilities, working capital and expenses of capital raising requirement, said the disclosure.
Since its foundation in 1954, the NIPRO Corporation has expanded the scope of its business from gall materials to medical devices and pharmaceutical products in pursuit of technological innovation, according to NIPRO’s website.
JMI Syringes, an ‘A’ category company, was listed with the country’s stock exchanges in 2013.
The company’s sponsor-directors hold 49.31 per cent shares, institutes 7.70 per cent, foreign shareholders 11.82 per cent and general public 31.17 per cent as of January 31, 2019.
The company’s share price closed at Tk 384 each on Thursday last. Its share traded between Tk 174.40 and Tk 500.10 each in the last one year.