CVO Petrochemical Refinery PLC. announcements
328 Dhaka Stock Exchange announcements for CVO Petrochemical Refinery PLC. (CVOPRL) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2016 (19).
- Emphasis of Matter
The auditor of the company has given the following 'Emphasis of Matter' paragraph in the audit report of the company prepared for the year ended on 30 June 2016. Emphasis of Matter: 1. Without qualifying our opinion, we draw the attention to (Note-33.3) of the financial statements which describes the closure of production of the Company due to suspension of supply of raw materials by Sylhet Gas Fields Limited which is under litigation. Note 33.3: Sylhet Gas Fields Limited the only supplier of Raw material Natural Gas Condensate (NGC) suspended supply of raw material without issuing prior notice from 17.07.2016 in violation of the agreement with them. The Company filed a Writ petition no 9572 of 2016 in High Court Division of Honorable Supreme Court of Bangladesh. The Honorable High Court Division of the Supreme Court issued a Rule Nisi on August 04, 2016 upon the Sylhet Gas Fields Limited and also directed to supply Condensate to the Company pursuant to allotment dated 30.10.2014 and 10.06.2015 within a period of 07 days from the date of receipt of the order. But the Sylhet Gas Field Ltd. has submitted a civil petition to leave to appeal no 2656 of 2016 and the Honorable Court has stayed the operation of the above order for the time being and directed another Division of High Court to dispose of the rule expeditiously by September' 08, 2016 on priority basis. In the meantime, High Court went to vacation. Due to non-supply of Condensate by the Sylhet Gas Fields Ltd. the production of the Company is suspended since 17.07.2016. The Management of the Company expects to win the legal battle and resume its production at the earliest.
- Resumption after record date
Trading of the shares of the Company will resume on 22.11.2016 after record date.
- Suspension for record date
Trading of the shares of the Company will remain suspended on record date i.e., 21.11.2016.
- Spot for AGM
Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle with cum benefit from 17.11.2016 to 20.11.2016. Trading of the shares of the Company will remain suspended on record date i.e., 21.11.2016.
- Q1 Financials
(Q1 Un-audited): EPS was Tk. (0.28) for July-September, 2016 as against Tk. 2.49 for July-September, 2015; NOCFPS was Tk. 1.95 for July-September, 2016 as against Tk. 2.29 for July-September, 2015. NAV per share was Tk. 20.23 as of September 30, 2016 and Tk. 20.50 as of June 30, 2016.
- Dividend Declaration
The Board of Directors has recommended 25% cash dividend for the year ended on June 30, 2016. Date of AGM: 27.12.2016, Time: 10:30 AM, Venue: Corporate Office, 37 Katalgonj, Panchlaish, Chittagong. Record date: 21.11.2016. The Company has also reported EPS of Tk. 7.40, NAV per share of Tk. 20.50 and NOCFPS of Tk. 9.92 for the year ended on June 30, 2016 as against Tk. 7.33 (restated), Tk. 14.59 (restated) and Tk. 5.81 (restated) respectively for the year ended on June 30, 2015.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (24.10.2016) following its corporate declaration.
- Board Meeting schedule under LR 19(1)
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 23, 2016 at 3:30 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2016.
- Amendment of Order by the Hon'ble Supreme Court of Bangladesh
The Company has informed that the Hon'ble Supreme Court of Bangladesh, Appellate Division, has issued an ORDER on the Civil Petition for Leave to Appeal No. 2656 of 2016 on 22 August which was amended on 07 September, 2016, mentioning as follows: "This is an application for modification of the Order dated 22 August, 2016 to the extent that for the words "This order will not stand on the way if other licensee/licensees are selling refined petroleum products in the open market" the words "if the other licensees of condensate are selling their finished products in open market, the respondent No. 1 (i.e. CVO Petrochemical Refinery Limited) may also be given similar opportunity" be substituted. The prayer so made is reasonable and accordingly allowed. The above Order be corrected. The application is accordingly disposed of.
- Temporary suspension of raw materials
The Company has informed that, Sylhet Gas Fields Limited has temporarily suspended the supply of raw materials of the Company through a letter dated July 27, 2016. The Company filed a Writ Petition no. 9572 of 2016 in High Court Division of the Hon'able Supreme Court of Bangladesh, against the order of Sylhet Gas Fields Ltd., PETROBANGLA, BPC and Energy & Mineral Resources Division of Ministry of Power, Energy & Mineral Resources of the Government. The Hon'able High Court issued a Rule Nisi on August 04, 2016, stating the following: "Let a Rule Nisi be issued calling upon the respondents to show cause as to why the letter dated 27.07.2016 issued by the respondent No. 1 informing to stop supply of condensate to the petitioner company without issuing of prior show cause notice should not be declared without lawful authority and is of no legal effect and/or pass such order or further order or orders as to this Court may seem fit and proper. The respondents are directed to supply condensate to the petitioner company pursuant to allotments dated 30.10.2014 and 10.06.2015 within a period of 7 days from the date of receipt of this order. The Rule is made returnable within 4 weeks".
- Revised Price of Petroleum products
The Company has informed that the Ministry of Power, Energy and Mineral Resources has revised the price of petroleum products vide a Government gazette on May 24, 2016. The per liter revised price of the petroleum products are as follows: Product Name: Diesel from Previous Price Tk. 55.94 per Ltr. to Revised Price Tk. 58.00 per Ltr.,Kerosene from Previous Price Tk. 55.92 per Ltr. to Revised Price Tk. 59.00 per Ltr., Petrol from Previous Price Tk. 56.29 per Ltr. to Revised Price Tk. 60.00 per Ltr., Octane from Previous Price Tk. 58.27 per Ltr. to Revised Price Tk. 67.00 per Ltr. The Company's profit will increase approximately 6% to 7% from the above price increase.
- Q3 Financials
EPS was Tk. 1.23 for January-March, 2016 as against Tk. 1.72 for January-March, 2015; EPS was Tk. 7.12 for July, 2015-March, 2016 as against Tk. 4.14 for July, 2014-March, 2015. NOCFPS was Tk. 8.26 for July, 2015-March, 2016 as against Tk. 0.98 for July, 2014-March, 2015. NAV per share was Tk. 20.48 as of March 31, 2016 and Tk. 14.59 as of June 30, 2015.
- Board Meeting (Q3)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on April 27, 2016 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on March 31, 2016.
- Imposing Fine on Directors of the Company
BSEC has fined Tk. 5.00 lac each to Mr. Shamsul Alam Shamim (Chairman/Director), Mr. A.H.M. Habib Ullah (Managing Director), Mr. Md. Nurul Alam Ansari (Director), Mr. Md. Amin (Director), Mr. Md. Emranul Hoque (Director), Mr. Md. Mohsin Saky (Director) of CVO Petrochemical Refinery Ltd. for non-compliance with the securities related laws.
- Q2 Financials
EPS was Tk. 3.38 for October-December, 2015 as against Tk. 2.38 for October-December, 2014; EPS was Tk. 5.88 for July-December, 2015 as against Tk. 3.43 for July-December, 2014. NOCFPS was Tk. 7.79 for July-December, 2015 as against Tk. 1.24 for July-December, 2014. NAV per share was Tk. 19.26 as of December 31, 2015 and Tk. 10.68 as of December 31, 2014.
- Category Change
The Company will be placed in 'A' category from existing 'B' category with effect from January 27, 2016 as the Company has reported disbursement of 15% cash dividend and 25% stock dividend for the year ended on June 30, 2015.
- Prohibition on providing loan facilities to purchase securities
The Stock Brokers, Merchant Bankers and Portfolio Managers are requested not to provide loan facilities to purchase any security of CVO Petrochemical Refinery Ltd. in between 1st to 30th trading day after change of categorization, starting from January 27, 2016 as per BSEC Directive No. SEC/CMRRCD/2009-193/177 and BSEC Order No. SEC/CMRRCD/2009-193/178 dated October 27, 2015.
- Board Meeting
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on January 30, 2016 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended on December 31, 2015.
- Dividend Disbursement
The Company has informed that it has credited the bonus shares for the year ended on June 30, 2015 to the respective shareholders' BO Account on 13.01.2016. Fractional bonus shares amount will be credited along with Cash dividend through dividend warrants to respective shareholders address.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.