FAS Finance & Investment Limited announcements
337 Dhaka Stock Exchange announcements for FAS Finance & Investment Limited (FASFIN) since 2008: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2022 (23).
- Q3 Financials
(Q3 Un-audited): Consolidated EPS was Tk. (4.60) for July-September 2022 as against Tk. (2.45) for July-September 2021; Consolidated EPS was Tk. (17.79) for January-September, 2022 as against Tk. (7.20) for January-September, 2021. Consolidated NOCFPS was Tk. (1.74) for January-September 2022 as against Tk. 1.45 for January-September 2021. Consolidated NAV per share was Tk. (51.15) as on September 30, 2022 and Tk. (33.32) as on December 31, 2021.
- 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 November 24, 2022 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended September 30, 2022.
- Resumption after record date
Trading of the shares of the Company will resume on 08.11.2022 after record date
- Suspension for Record date
Trading of the shares of the company will remain suspended on record date i.e., 07.11.2022.
- The auditor of the FAS Finance & Investment Limited has given the \"Qualified Opinion\" & \"Emphasis of Matters\" paragr
The auditor of the FAS Finance & Investment Limited has given the \"Qualified Opinion\" & \"Emphasis of Matters\" paragraphs in the auditor\'s report for the year ended December 31, 2021. Basis for Qualified Opinion: 1. According to Financial Institutions Regulations 1994 and FID Circular No. 06 November, 2003 and DFID Circular No. 03, Dated: 21 June, 2020 the company should maintain Cash Reserve Ratio (CRR) at a rate of 1.5\% of \'Term or Fixed Deposit\', (cont.1)
- (Continuation news of FASFIN): but company is not able to maintain such provision which is the violation of above rules
(Continuation news of FASFIN): but company is not able to maintain such provision which is the violation of above rules and regulations. 2. In reference to the BSEC directive no. BSEC/CMRRCD/2009-193/217/Admin/90, dated: May 21, 2019, the directors and sponsor of the listed security must hold jointly 30\% of paid-up capital. However, the directors and sponsors of the company do not hold 30\% shares jointly. Emphasis of matters: 1. The company has been incurring loss for several years and (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): in accumulation loss was BDT 6,808,859,449 for the year ended 31st December, 2021 and, as
(Continuation news of FASFIN): in accumulation loss was BDT 6,808,859,449 for the year ended 31st December, 2021 and, as of that date the Company\'s total liabilities exceeded its total assets by BDT 4,967,787,422. In such circumstances, the newly restructured Board of Directors nominated by the Bangladesh Securities and Exchange Commission (BSEC) are in a process to implement multiple business plans for the revival of this company. (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): 2. Reference to the Note no. 13 to the financial statements, Tax deducted at source amoun
(Continuation news of FASFIN): 2. Reference to the Note no. 13 to the financial statements, Tax deducted at source amount BDT 234,913,551, VAT deducted at source amount BDT 4,700,075 which has been kept as payable has been shown at BDT 239,613,626. However, the company has not deposited the Tax deducted at source & VAT deducted at source duly in the government treasury. This is a non-compliance of Income tax ordinance, 1984. (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): 3. As per Bangladesh Bank letter reference no. DFIM (C) 1054/10/2022-2808 dated: 29 Septe
(Continuation news of FASFIN): 3. As per Bangladesh Bank letter reference no. DFIM (C) 1054/10/2022-2808 dated: 29 September 2022, the shortfall of loan loss provision for classified loan stood at BDT 8,728,177,464, among which FAS Finance had kept BDT 728,177,464 as loan loss provision for the year ended 31 December 2021 and the rest BDT 8,000,000,000 will be deferred from 2022 to 2029. 4. According to BSEC directive dated, (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): January 14, 2021 if any dividend remains unpaid or unclaimed for a period of three years
(Continuation news of FASFIN): January 14, 2021 if any dividend remains unpaid or unclaimed for a period of three years then this fund should be transferred to the BSEC prescribe fund, no such transaction is taken place. 5. Reference to the note no. 10.00 to the financial statement the company had shown BDT 44,665,893 under \"non-financial institutions assets\" as per IFRS-5 \"Non-current Assets held for sale and discontinued operations\". (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): However, such asset is being treated as asset held for sale since last ten years, which i
(Continuation news of FASFIN): However, such asset is being treated as asset held for sale since last ten years, which is a non-compliance of International Financial Reporting Standard the IFRS 05 Non-current Assets held for Sale and Discontinued Operations requires to sold out the noncurrent asset within one year from the date of classification as \"noncurrent asset held for sales\" in addition the assets cannot be sold at book value, (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): therefore there is significant indication of impairment as per IAS-36. The company has be
(Continuation news of FASFIN): therefore there is significant indication of impairment as per IAS-36. The company has been overstating its assets as well as profits. 6. We physically visited a number of mortgage property against loan, which control were seized by anti- corruption commission. As a result, we are in doubt about the right to sell these properties by FAS Finance & Investment Ltd. In addition, the rent from those properties is not being collected by FAS Finance & Investment Ltd. (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): 7. At the year-end, the current account balance with Subsidiary company (FAS Capital Mana
(Continuation news of FASFIN): 7. At the year-end, the current account balance with Subsidiary company (FAS Capital Management Ltd.) does not agree due to unrecognized liability of BDT 3,590,663 by the company. However, in the subsequent period the company recognized the liability amounting BDT. 3,590,663. 8. During the audit, we could not confirm the share capital amount in the financial statements with Schedule-X, (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): as the company has yet to update its annual return to the Registrar of Joint Stock Compan
(Continuation news of FASFIN): as the company has yet to update its annual return to the Registrar of Joint Stock Companies & Firms (RJSC). 9. Organization holds Foreign Currency for the IPO refund amounting BDT 7,469,630. The amount has not been disclosed in the Financial Statements. Emphasis of Matter Paragraph of Subsidiary: We draw your attention to the policy note. 1. According to the section 9 of the IFRS 16 (Leases), the Company shall assess whether the contract is, (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): or contains a lease. As per section 23 and 29 of-the IFRS 16, the Company shall measure t
(Continuation news of FASFIN): or contains a lease. As per section 23 and 29 of-the IFRS 16, the Company shall measure the right-of-use assets and as per section 26 and 36, the Company shall measure the lease liability. However, in our audit, it reveals that the standards in this regard were not being followed. 2. With reference to note no. 6, interest income from TDR and related TDS unable to check from TDR statements due to absence of TDR statements. (cont.11)
The first part of this announcement is missing from the archive. - Qualified Opinion & Emphasis of matters
(Continuation news of FASFIN): However, the respective financial institution has issued balance confirmation certificate (third party confirmation). 3. Reference to the Note #19 to the financial statements, Commission Income BDT 600,000 which previous year income Non-Compliance of IFRS which has a retrospective effect as previous year Income was understated. (end)
The first part of this announcement is missing from the archive. - Spot News
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 from 03.11.2022 to 06.11.2022. Trading of the shares of the Company will remain suspended on record date i.e., 07.11.2022.
- Q2 Financials
(Q2 Un-audited): Consolidated EPS was Tk. (13.20) for January-June 2022 as against Tk. (4.75) for January-June 2021. Consolidated NOCFPS was Tk. (0.99) for January-June 2022 as against Tk. 1.28 for January-June 2021. Consolidated NAV per share was Tk. (46.62) as on June 30, 2022 and Tk. (18.15) as on June 30, 2021.
- Q1 Financials
(Q1 Un-audited): Consolidated EPS was Tk. (6.66) for January-March 2022 as against Tk. (2.31) for January-March 2021. Consolidated NOCFPS was Tk. 0.36 for January-March 2022 as against Tk. 0.58 for January-March 2021. Consolidated NAV per share was Tk. (40.00) as on March 31, 2022 and Tk. (15.70) as on March 31, 2021.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (18.10.2022) following its corporate declaration.
- Dividend Declaration
The Board of Directors has recommended No dividend for the year ended December 31, 2021. Date of AGM: 01.12.2022, Time: 12:00 PM, Venue: Digital Platform. Record Date: 07.11.2022. The Company has reported Consolidated EPS of Tk. (19.94), Consolidated NAV per share of Tk. (33.32) and Consolidated NOCFPS of Tk. (0.72) for the year ended December 31, 2021 as against Tk. (14.61) (Consolidated), Tk. (13.40) (Consolidated) and Tk. 0.36 (Consolidated) respectively for the same period of the previous year.
- 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 17, 2022 at 3:30 PM to consider, among others, un-audited financial statements of the company for the First Quarter (Q1) period ended March 31, 2022.
- 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 17, 2022 at 3:30 PM to consider, among others, audited financial statements of the Company for the year ended December 31, 2021.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.