Fu-Wang Foods Limited announcements
385 Dhaka Stock Exchange announcements for Fu-Wang Foods Limited (FUWANGFOOD) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2022 (44).
- Credit Rating Result (Additional Information)
Refer to their earlier news disseminated by DSE on 28.11.2022 regarding credit rating result, the Company has further informed that Credit Rating Agency of Bangladesh Limited (CRAB) has announced the Surveillance rating with a Stable outlook of the Company.
- Resumption after record date
Trading of the shares of the Company will resume on 04.12.2022 after record date.
- Suspension for Record date
Trading of the shares of the Company will remain suspended on record date i.e., 01.12.2022.
- Credit Rating Agency of Bangladesh Limited (CRAB) has announced the Entity Rating of the Company as \"BBB2\" for long te
Credit Rating Agency of Bangladesh Limited (CRAB) has announced the Entity Rating of the Company as \"BBB2\" for long term and \"ST-3\" for short term based on audited financial statements up to June 30, 2022; bank liability position as on September 30, 2022 and other relevant quantitative and qualitative information up to the date of rating declaration.
- 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 29.11.2022 to 30.11.2022. Trading of the shares will remain suspended on record date i.e., 01.12.2022.
- The auditor of the Fu-Wang Foods Limited has given the \"Qualified Opinion\" and \"Emphasis of Matter\" paragraphs in th
The auditor of the Fu-Wang Foods Limited has given the \"Qualified Opinion\" and \"Emphasis of Matter\" paragraphs in the Auditor\'s Report for the year ended 30 June 2022. Basis for Qualified Opinion: i. Refer to Note-6(a), Trade and Other Receivables of BDT. 88,634,646, a prior year adjustment was made of BDT. 487,359,722 by the management, following a special audit conducted at their (cont.1)
- (Continuation news of FUWANGFOOD): company as per the instruction of BSEC via letter with reference no. SEC/SRMIC/2000-9
(Continuation news of FUWANGFOOD): company as per the instruction of BSEC via letter with reference no. SEC/SRMIC/2000-922/431, dated December 14, 2021. On verification of the basis of such adjustment, we found that the adjustment was considered from the mismatches between the trade receivables reported in the financial statements and the figure reported from the sales software without making any communication with (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): the concerned customers. Hence, there is risk of declining the receivable amount by t
(Continuation news of FUWANGFOOD): the concerned customers. Hence, there is risk of declining the receivable amount by the concerned customers in future and no proper basis for the adjustment was made available to us. Also, for trade receivables of BDT. 22,037,424, we sent balance confirmation, against which we received responses for BDT. 2,102,787 (9.54\% of balance confirmation sent). Hence, the above-mentioned balance remains unverified (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): and unconfirmed to the extent the responses were not forthcoming. ii. Refer to Note-1
(Continuation news of FUWANGFOOD): and unconfirmed to the extent the responses were not forthcoming. ii. Refer to Note-15, Trade and Other Payables of BDT. 108,836,166, a prior year adjustment was made of BDT. 97,206,749 by the management, following a special audit conducted at their company as per the instruction of BSEC via letter with reference no. SEC/SRMIC/2000-922/431, dated December 14, 2021. On verification of the basis (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): of such adjustment, we found that the adjustment was considered from the mismatches b
(Continuation news of FUWANGFOOD): of such adjustment, we found that the adjustment was considered from the mismatches between the trade payables reported in the financial statements and the figure as per the purchase ledger without making any communication with the concerned suppliers. Hence, there is risk of getting claims by the concerned suppliers in future and no proper basis for the adjustment was made available to us. Also, for (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): trade payables of BDT. 100,788,489, we sent balance confirmation, against which we re
(Continuation news of FUWANGFOOD): trade payables of BDT. 100,788,489, we sent balance confirmation, against which we received responses for BDT. 50,174,338 (54\% of balance confirmation sent). Hence, the above-mentioned balance remains unverified and unconfirmed to the extent the responses were not forthcoming. iii. Refer to Note- 16, Payable for WPPF and Welfare Fund of BDT. 19,719,400, as per section-234 of Bangladesh Labor Act, (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): 2006, a company is to pay 5\% of net profit of the year within 9 months of following
(Continuation news of FUWANGFOOD): 2006, a company is to pay 5\% of net profit of the year within 9 months of following the close of year at the proportion of 80:10:10 to the Participatory Fund, Welfare Fund and Workers Welfare Foundation Fund respectively. The company has not made any payments against Workers\' Profit Participation Fund CWPPF during the year. Management also stated that since the inception of WPPF, no payment was (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): made to the Workers Welfare Foundation Fund. iv. Refer to Note-10, \'Current Liabilit
(Continuation news of FUWANGFOOD): made to the Workers Welfare Foundation Fund. iv. Refer to Note-10, \'Current Liabilities and Provision\', for the subsidiary, BDT 40,100,000 was reported as \'Deposit against share by holding company\' in the financial year 2020-21, which was transferred as a liability with the holding company in Note-10 \'Current Liabilities and Provision\' during the year. As per gazette (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): #146/FRC/ADMIN/NOTIFICATION/2020/01 dated 02 March 2020, any money received as Share
(Continuation news of FUWANGFOOD): #146/FRC/ADMIN/NOTIFICATION/2020/01 dated 02 March 2020, any money received as Share Money Deposit (SMD) or whatever name, included in the Equity, is not refundable. The money received under SMD should be converted into Share Capital within 6 months of receipt of the money. However, it is reported by management that as no receipt of money from the holding company against the said (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): shares was evident, it is adjusted as an intercompany transaction. Emphasis of Matter
(Continuation news of FUWANGFOOD): shares was evident, it is adjusted as an intercompany transaction. Emphasis of Matters: Without qualifying our opinion, we draw attention to the following matters: i. Refer to Note-12, Deferred Tax, deferred tax expense charged during the year with deferred tax liability stands at BDT. 13,064,936 and BDT. 722,933,070 respectively. As per IAS-12 Income Taxes, any adjustments to deferred tax liability as a result of (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): EPS for the same amount. As for the subsidiary, no deferred tax was reported in the f
(Continuation news of FUWANGFOOD): EPS for the same amount. As for the subsidiary, no deferred tax was reported in the financial statements. ii. Refer to Note-9.03, \'Composition of Shareholders\' of the financial statements, which describes, as per Gazette notification no: BSEC/CMRRCD/2009-193/217/Admin/90 dated 21 May 2019, all sponsors and directors other than independent directors of a company listed with any stock (cont.12)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): exchange shall all time jointly hold minimum 30\% (thirty percent) shares of the paid
(Continuation news of FUWANGFOOD): exchange shall all time jointly hold minimum 30\% (thirty percent) shares of the paid-up capital of the company. Whereas as at 30 June 2022, sponsor shareholders at the company holds only 7.85\% of the total paid-up capital. iii. Refer to Note-7.01, for inter-company transaction with the subsidiary of BDT. 24,217,521, no prior resolution or arrangements are evident between the parent and the subsidiary. Also, (cont.13)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): it is evident that business operational transactions are paid by both the companies f
(Continuation news of FUWANGFOOD): it is evident that business operational transactions are paid by both the companies from time to time. iv. IFRS-16 Leases was not applied while accounting for rental payments for its premises; hence a non-compliance of the concerned IFRS results in. v. Refer to Note-13, Short Term Bank Loans and Others, includes a temporary loan from the Ex- Managing Director of BDT. 16,580,000 at the year-end, for which (cont.14)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): no resolutions of the Board of Directors was evident. vi. Refer to Note-17.01 & 17.02
(Continuation news of FUWANGFOOD): no resolutions of the Board of Directors was evident. vi. Refer to Note-17.01 & 17.02, provision for gratuity expense and provident fund expense of BDT. 44,720,453, and BDT. 48,745,875 respectively, for both the holding company and the subsidiary company, the above provisions during the year are charged to the holding company. It is reported by management that since most of the employees (cont.15)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): are appointed in the holding company, the whole amount is charged in the holding comp
(Continuation news of FUWANGFOOD): are appointed in the holding company, the whole amount is charged in the holding company. Consequently, the resulting deferred tax expense and liability has hit the holding company only. vii. As per section-99 of Bangladesh Labor Act 2006 (as amended in 2015), for an establishment with 100 permanent workers, the employer is to arrange group insurance for its employees. The company has not introduced (cont.16)
The first part of this announcement is missing from the archive. - (Continuation news of FUWANGFOOD): any group insurance for its employees; a non-compliance of the Bangladesh Labor Act.
(Continuation news of FUWANGFOOD): any group insurance for its employees; a non-compliance of the Bangladesh Labor Act. (end)
The first part of this announcement is missing from the archive. - Qualified Opinion and Emphasis of Matters
(Continuation news of FUWANGFOOD): temporary difference arising during the year is to be charged in the statement of profit or loss and other comprehensive income. However, management made adjustment of BDT. 26,913,112 as prior year adjustment instead of charging the same to the statement of profit or loss and other comprehensive income of the current year. Hence, a non-compliance of the above IAS results in with an overstatement of (cont.11)
The first part of this announcement is missing from the archive. - Q1 Financials
(Q1 Un-audited): EPS was Tk. 0.04 for July-September, 2022 as against Tk. 0.06 for July-September, 2021; NOCFPS was Tk. 0.15 for July-September, 2022 as against Tk. 0.10 for July-September, 2021. NAV per share was Tk. 3.70 as on September 30, 2022 and Tk. 11.66 as on September 30, 2021.
- Dividend Declaration
The Board of Directors has recommended No dividend for the year ended June 30, 2022. Date of AGM: 21.12.2022, Time: 11:00 AM, Venue: Digital Platform. Record date: 01.12.2022. The Company has also reported EPS of Tk. (2.26), NAV per share of Tk. 3.18 and NOCFPS of Tk. 0.45 for the year ended June 30, 2022 as against Tk. 0.05, Tk. 11.85 and Tk. 0.36 respectively for the same period of the previous year.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (14.11.2022) following its corporate declaration. However, as per the BSEC Order No. BSEC/CMRRCD/2001-07/39 dated July 28, 2022, the floor price shall be applicable accordingly.
- 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 13, 2022 at 3:30 PM to consider, among others, un-audited financial statements of the company for the First Quarter (Q1) period ended September 30, 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 November 13, 2022 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2022.
- Postponement of Board Meeting under LR 19(1)
The Company has further informed that, due to unavoidable circumstances, the Board meeting as per LR 19(1), scheduled to be held on October 26, 2022 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2022, has been postponed.
- 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 26, 2022 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2022.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. 0.02 for January-March 2022 as against Tk. 0.09 for January-March 2021; EPS was Tk. 0.11 for July 2021-March 2022 as against Tk. 0.26 for July 2020-March 2021. NOCFPS was Tk. 0.15 for July 2021-March 2022 as against Tk. 0.39 for July 2020-March 2021. NAV per share was Tk. 11.70 as on March 31, 2022 and Tk. 11.60 as on March 31, 2021.
- Reschedule of Board Meeting under LR 16(1)
The Company has further informed that the meeting of the Board of Directors of the Company as per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, will be held on May 30, 2022 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended March 31, 2022.
- Postponement of Board Meeting under LR 16(1)
The Company has further informed that due to unavoidable circumstances, the meeting scheduled to be held on April 26, 2022 at 2:30 PM as per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended March 31, 2022, has been postponed.
- 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 April 26, 2022 at 2:30 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended March 31, 2022.
- Appointment of Managing Director
The Company has informed that the Board of Directors has appointed Mr. Miya Mamun, Nominated Director from Minori Bangladesh Limited as the Managing Director of the Company with immediate effect subject to the post-facto approval by the shareholders in the upcoming General Meeting.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. 0.03 for October-December 2021 as against Tk. 0.10 for October-December 2020; EPS was Tk. 0.09 for July-December 2021 as against Tk. 0.17 for July-December 2020. NOCFPS was Tk. 0.30 for July-December 2021 as against Tk. 0.32 for July-December 2020. NAV per share was Tk. 11.69 as on December 31, 2021 and Tk. 11.71 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 February 26, 2022 at 12:00 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended December 31, 2021.
- Elected of the Chairman
The Company has informed that the Board of Directors has elected Mr. Md. Afzal Hossain, nominated Director from Minori Bangladesh Limited as the Chairman of the Company.
- Confirmation of share transfer by a Director
Mr. Arif Ahmed Chowdhury one of the Directors of the company, has further reported that he has completed his transfer of 39,82,726 shares of the Company outside the trading system of the Exchange (Matched Transaction as per Share Purchase Agreement (SPA) under the provisions of Regulation 42 of Depository (User) Regulations, 2003 and CDBL Bye Laws 11.6) as per declaration disseminated on 24.01.2022.
- BSEC Permission regarding transmission of 9,95,681 shares
The company has informed that BSEC vide its letter no. SEC/SRMIC/2020-922/part-2/27 dated January 20, 2022 instructed to transmit 9,95,681 shares of Mr. Arif Ahmed Chowdhury (Director of the company) from his BO Account 1204500027701080 to the Company's suspense BO Accounts 1201740025937331 (4,97,842 shares) and 1201990042569284 (4,97,839 shares) respectively.
- Postponement of Board Meeting schedule under LR 16(1)
The Company has further informed that due to unavoidable circumstances, the meeting scheduled to be held on January 29, 2022 at 3:00 PM as per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended December 31, 2021, has been postponed. New date and time of the meeting will be notified later on.
- 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 January 29, 2022 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended December 31, 2021.
- Declaration of Directors
With reference to earlier news regarding ?Share purchase agreement & BSEC Approval? dated January 23, 2022, Mr. Arif Ahmed Chowdhury, Ms. Afsana Tarannum and Ms. Lubaba Tabassum Directors of the Company, have expressed their intentions to sell/transfer 39,82,726 shares, 22,30,000 shares and 22,30,000 shares out of their total holding 49,78,407 shares, 22,30,00 shares and 22,30,000 (cont.)
- Share purchase agreement & BSEC Approval
(Continuation news of FUWANGFOOD): only for the purpose of regularizing bank liabilities, acquisition of land, working capital and ensuring production facilities; and e) Fu-Wang Foods Limited shall obtain consent of the Commission for raising capital against share money deposited or collected for the purpose of the compliance of 30% requirement of holding of shares by the Board of Directors. (end)
The first part of this announcement is missing from the archive. - Query Response
In response to a DSE query dated January 19, 2022, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike and increase in volume of shares.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.