CVO Petrochemicals resumes production

Dhaka,  Mon,  26 June 2017
Published : 20 Jun 2017, 21:29:25
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CVO Petrochemicals resumes production

The company now in A-category
FE Report


CVO Petrochemical Refinery has resumed production process as Sylhet Gas Fields restarted supply of raw materials (condensate) to the factory of the company after one year.

In July, 2016, the government stopped supplies of raw materials (condensate) to CVO Petrochemical Refinery for violation of contract rules.

"Sylhet Gas Fields has restarted the supply of raw materials (condensate) to the factory of CVO Petrochemical Refinery from June 19, 2017 by the order of energy & mineral resources division of Ministry of Power, Energy & Mineral Resources. Therefore, the company has restarted the production process," said a web posting on the Dhaka Stock Exchange (DSE) on Tuesday.

CVO Petrochemical Refinery will also be placed in "A" category from existing "Z" category with effect from today (Wednesday) as the company has restarted its commercial production.

The stockbrokers and merchant bankers are requested to abstain from providing loan facilities to purchase any security of CVO Petrochemical Refinery in between 1st to 30th trading day after change of categorisation, with effect from Wednesday as per the securities regulator latest directive in this regards.

Each share of the company, which was listed on the Dhaka bourse in 1990, closed at Tk 221.90, advancing 6.53 per cent over the previous session.

The company's paid-up capital is Tk 247.50 million and authorised capital is Tk 1.50 billion, while the total number of securities is 24.75 million.

Sponsor-directors own 50 per cent stake in the company, while institutional investors own 15.44 per cent, foreigners 1.20 per cent and general public 33.36 per cent as on May 31, 2017, the DSE data shows.

The company disbursed 25 per cent cash dividend for the year ended on June 30, 2016.

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