Fareast Finance & Investment Limited announcements
201 Dhaka Stock Exchange announcements for Fareast Finance & Investment Limited (FAREASTFIN) since 2013: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2022 (29).
- Q1 Financials
(Q1 Un-audited): EPS was Tk. (1.58) for January-March 2021 as against Tk. (0.73) for January-March 2020. NOCFPS was Tk. (0.33) for January-March, 2021 as against Tk. (0.60) for January-March, 2020. NAV per share was Tk. (0.47) as on March 31, 2021 and Tk. 1.11 as on December 31, 2020.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. (0.32) for April-June 2021 as against Tk. (0.38) for April-June 2020; EPS was Tk. (1.90) for January-June 2021 as against Tk. (1.11) for January-June 2020. NOCFPS was Tk. (0.30) for January-June 2021 as against Tk. (0.67) for January-June 2020. NAV per share was Tk. (0.80) as on June 30, 2021 and Tk. 1.11 as on December 31, 2020.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. (0.36) for July-September, 2021 as against Tk. (0.59) for July-September, 2020; EPS was Tk. (2.26) for January-September, 2021 as against Tk. (1.70) for January-September, 2020. NOCFPS was Tk. (1.11) for January-September, 2021 as against Tk. 1.30 for January-September, 2020. NAV per share was Tk. (1.15) as on September 30, 2021 and Tk. 1.11 as on December 31, 2020.
- Board Meeting schedule under LR 16(1)
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 October 27, 2022 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2021 and Second Quarter (Q2) period ended June 30, 2021 and Third Quarter (Q3) period ended September 30, 2021.
- The auditor of the Fareast Finance & Investment Limited has given the \"Qualified Opinion\" & \"Emphasis of matter\" par
The auditor of the Fareast Finance & Investment Limited has given the \"Qualified Opinion\" & \"Emphasis of matter\" paragraphs in the auditor\'s report for the year ended December 31, 2020. Qualified Opinion: 1. The company has one associate company namely Fareast Stocks & Bonds Limited audited by other auditor whose report has been furnished to us and our opinion is so far as it relates to the amounts included based on the reports. (cont.1)
- (Continuation news of FAREASTFIN): 31.12.2020 Tk. 2,522,206,023. Therefore, it indicates that the recoverability of Term
(Continuation news of FAREASTFIN): 31.12.2020 Tk. 2,522,206,023. Therefore, it indicates that the recoverability of Term loan amount may have cast doubt and arise additional expected credit losses of the company. 2. In the notes # 16.6 As per Section-4(Gha) of The Financial Institutions Rules, 1994 and Bangladesh Bank\'s DFIM Circular # 5 dated 24 July 2011, the minimum paid up capital of a Financial Institution shall be Tk.100 crore, provided that the sum of paid up capital and (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): reserves shall not be less than the minimum capital required under the Risk Based Ass
(Continuation news of FAREASTFIN): reserves shall not be less than the minimum capital required under the Risk Based Assets of the company, as criteria determined by the Bangladesh Bank. However, during the year ended December 31,2020 the eligible capital of the company is Tk. 224,491,787 and the shortfall of regulatory required capital of Tk. 775,508,213 compared to minimum requirement. 3. In the notes # 5.4 shown fixed deposit accounts with Bangladesh Industrial Finance Co. (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): Limited Tk. 100,000,000 & FAS Finance & investment Limited Tk. 36,116,092 respectivel
(Continuation news of FAREASTFIN): Limited Tk. 100,000,000 & FAS Finance & investment Limited Tk. 36,116,092 respectively. As per IFRS 09 \"Financial Instrument\" the company should measure loss allowances of financial assets equal to lifetime expected credit loss when the credit risk of financial asset has increased significantly. The company has not made any provision against above deposit amount though there is enough doubt to recover this amount from the FAS Finance (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): & Investment Limited and Bangladesh Industrial Finance Co. Ltd. 4. In the notes # 8.1
(Continuation news of FAREASTFIN): & Investment Limited and Bangladesh Industrial Finance Co. Ltd. 4. In the notes # 8.1.2 Terms Finances Includes Tk. 3,024,788,933 outstanding from Fareast Stocks & Bonds Limited out of which the Board of Directors of the company in their 161th meeting held on 10 August 2015, considered the financial position of Fareast Stocks & Bonds Limited and approved abandonment of interest income against the loan facility. (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): Based on the decision no interest has been charged on the outstanding loan amount of
(Continuation news of FAREASTFIN): Based on the decision no interest has been charged on the outstanding loan amount of Tk. 2,895.22 million from 01 July 2015. In order to follow Bangladesh Bank\'s suggestions regarding repayment of over limit investment in subsidiaries, the Board of Directors of the company in their 185th meeting held on 21 May 2018 decided to re-fix the repayment schedule and set out a time bound strategy to complete the repayment within 2025. (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): Subsequently the time bound strategy for repayment has been submitted to Bangladesh B
(Continuation news of FAREASTFIN): Subsequently the time bound strategy for repayment has been submitted to Bangladesh Bank and also provide their approval through letter # DFIM(S)/1055/49/2018-1597 dated 23 July 2018. Subsequently company\'s Board of Directors in their 208th meeting held on 08 March 2020 decided to impose interest rate on the outstanding amount @ 13.90\% per annum from 20 March 2020. During the year the loan has classified and the company has no (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): collateral security against such Terms Finances. Emphasis of Matter: 1. We draw atten
(Continuation news of FAREASTFIN): collateral security against such Terms Finances. Emphasis of Matter: 1. We draw attention to note- 8.9.1 of the financial statements which describes the shortfall of required provision against classified loans, advances and leases, other assets and balance with other banks and financial institutions Tk. 567,399,914. The Bangladesh Bank has given an extended time span and balance for three years for maintaining the shortfall provision. (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): 2. We draw attention to Note 2.40 in the financial statements, which indicates that t
(Continuation news of FAREASTFIN): 2. We draw attention to Note 2.40 in the financial statements, which indicates that the Company incurred a net loss of Tk. 285,463,115 during the year ended December 31, 2020 and, as of that date, the Company\'s current liabilities exceeded its total assets by Tk. 410,859,132 and Retained earnings of the company shown negative balance of Tk. (1,807,687,937) As stated in Note 2.40, these events or conditions, (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): along with other matters as set forth in Note 2.40. In connection with our audit, we
(Continuation news of FAREASTFIN): along with other matters as set forth in Note 2.40. In connection with our audit, we have performed audit procedures to evaluate management\'s assumptions as to the Company\'s ability to continue as a going concern. 3. As per BSEC Notification # SEC/CMRRCD/2006-158/207/Admin/80 dated June 3, 2018 issued under section 2CC of the Securities and Exchange Ordinance, 1969, the Audit Committee shall immediately report to the Board on any (cont.11)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): suspected or presumed fraud or irregularity or material defect identified in the inte
(Continuation news of FAREASTFIN): suspected or presumed fraud or irregularity or material defect identified in the internal audit and compliance process or in the financial statements. However, the audit committee has not informed any irregularities which needed to be reported to the Board for the year ended December 31, 2020. 4. We draw attention to the notes # 51 of the financial statements, which describes about the IAS- 10 \"Events after the Reporting Period\". (cont.12)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): Our opinion is not modified in respect of those matters. Note # 54 Subsequent events-
(Continuation news of FAREASTFIN): Our opinion is not modified in respect of those matters. Note # 54 Subsequent events-disclosure under IAS-10 \"Events after the Reporting Period\": The Board of Directors of Fareast Finance & Investment Limited in its 235th meeting held on 21 August 2022 recommended to the shareholders no dividend based on financial performance of the year 2020. The Inspection team of Bangladesh Bank classified Fareast Stocks & Bonds Limited (cont.13)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): having outstanding loan amount Taka 3,024,788,933 and Aman Cement Mills Unit-2 Limite
(Continuation news of FAREASTFIN): having outstanding loan amount Taka 3,024,788,933 and Aman Cement Mills Unit-2 Limited having outstanding loan amount Taka 750,533,201 as Bad/Loss and Doubtful respectively based on 31 December 2021 due to non-payment and uncertainty of recovery and hence, requirement of provision for loans, advances and leases Increased by Taka 2,371,647,010 which will affect the profitability for the year 2021. (cont.14)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): As on 31 December 2021, classified loans, advances and leases stood at Taka 8,717,214
(Continuation news of FAREASTFIN): As on 31 December 2021, classified loans, advances and leases stood at Taka 8,717,214,142 representing 89.95\% against total loans, advances and leases whereas as on 31 December 2020, classified loans, advances and leases was Taka 4,883,683,948 representing 51.90\% against total loans, advances and leases. Bangladesh Securities and Exchange Commission (BSEC) reconstituted the Board of Directors of the Company through Letter NO. (cont.15)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): SEC/SRMIC/2021/part-Z/89 dated 29 March 2021 as the Company and its Board of Director
(Continuation news of FAREASTFIN): SEC/SRMIC/2021/part-Z/89 dated 29 March 2021 as the Company and its Board of Directors fails to declare dividend since 2017 and for that the Company placed/transferred in the \"Z-category\" w.e.f. 19 April 2018. The Commission hereby nominated 6 (six) distinguished persons/individuals as Independent Directors and 3 (three) Sponsor shareholders as Directors of the Company. (cont.16)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): 4 (four) Key Management Personnel (AVP and above) were released/dismissed from servic
(Continuation news of FAREASTFIN): 4 (four) Key Management Personnel (AVP and above) were released/dismissed from service of the Company and 1 (one) Key Management Personnel (AVP and above) Joined the Company. External Auditor MABS & J Partners, Chartered Accountants given \'Qualified Opinion\' on the Financial Statements of Fareast Stocks & Bonds Limited (FSBL) due to, among others, mismatches in the reported outstanding of Term Loan availed from (cont.17)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): Fareast Finance & Investment Limited. BSEC vide Letter No. BSEC/SRl/DSE/226/2021/SOO
(Continuation news of FAREASTFIN): Fareast Finance & Investment Limited. BSEC vide Letter No. BSEC/SRl/DSE/226/2021/SOO dated 30 May 2021 reconstituted the Board of Directors of FSBL wherein the Managing Director of FFIL Included as representative Director. The Managing Director raised the issue of reporting incorrect Loan outstanding in the Financial Statements of FSBL since joining the Board and informed that FSBL has been overstating Profit and (cont.18)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTFIN): understating Loss for the last couple of years by reporting loan outstanding much low
(Continuation news of FAREASTFIN): understating Loss for the last couple of years by reporting loan outstanding much lower than the actual outstanding which is significantly impacting the Financials of FFIL as FFIL is giving treatment of Profit/Loss of FSBL in its Financial Statements on \'Equity Method\'. As a result of raising the issue in several meetings, the Board has given assurance to report actual loan outstanding in their Financial Statements of 2022. (end)
The first part of this announcement is missing from the archive. - Qualified Opinion & Emphasis of matter
(Continuation news of FAREASTFIN): According to the available documents & CL statements of Fareast Finance & Investment Limited shown Term Loan given to Fareast Stocks & Bonds Limited amount is Tk. 3,024,788,933 but according to Auditors opinion of Fareast Stocks & Bonds Limited they have found Tk. 3,065,078,166 in the books of accounts resulting differences of Tk. 40,289,233 but Fareast Stocks and Bonds Limited reported in its Financial Statements as at (cont.2)
The first part of this announcement is missing from the archive. - Resumption after record date
Trading of the shares of the company will resume on 12.09.2022 after record date.
- Suspension for Record date
Trading of the shares of the company will remain suspended on record date i.e., 11.09.2022.
- Spot News
Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled as per spot settlement cycle from 06.09.2022 to 08.09.2022 and trading of the shares will remain suspended on record date i.e., 11.09.2022.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (22.08.2022) following its corporate declaration.
- Dividend Declaration
The Board of Directors has recommended No dividend for the year ended December 31, 2020. Date of AGM: 29.09.2022, Time: 11:00 AM, Venue: digital platform. Record Date: 11.09.2022. The Company has also reported EPS of Tk. (1.74), NAV per share of Tk. 1.11 and NOCFPS of Tk. 1.84 for the year ended December 31, 2020 as against Tk. (4.38), Tk. 2.85 and Tk. (1.19) respectively for the same period of the previous year.
- 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 August 21, 2022 at 3:00 PM to consider, among others, audited financial statements of the company for the year ended December 31, 2020.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.