Power Grid Bangladesh PLC. announcements
330 Dhaka Stock Exchange announcements for Power Grid Bangladesh PLC. (POWERGRID) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2022 (37).
- Resumption after record date
Trading of the shares of the Company will resume on 01.12.2022 after record date.
- Suspension for Record date
Trading of the shares of the Company will remain suspended on record date i.e., 30.11.2022.
- 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 with cum benefit from 28.11.2022 to 29.11.2022. Trading of the shares of the Company will remain suspended on record date i.e., 30.11.2022.
- (Continuation news of POWERGRID): (DPDC, previously DESA) without conducting physical verification and valuation thereof
(Continuation news of POWERGRID): (DPDC, previously DESA) without conducting physical verification and valuation thereof. It is also noted that no physical verification of PPE was conducted either at the year-end or any time during the year under audit. As such we are unable to confirm the authenticity of the physical existence of PPE as of 30 June 2022. Out of the total assets of the Company, PPE is 35.53\% which remains unverified as to its quantity. (Cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): Moreover, the Company has never performed any impairment test of its property, plant a
(Continuation news of POWERGRID): Moreover, the Company has never performed any impairment test of its property, plant and equipment which is also a non-compliance with IAS 36. 3. As disclosed in note # 4 to the financial statements, the Company has recognized Land and land development at a carrying amount of BDT 13,915,678,021 which includes inter alia land valued BDT 12,321,451,560 inclusive of addition of land during the current year amounting to (Cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): BDT 1,055,932,996. The Company could not provide us proper supporting documents (i.e.
(Continuation news of POWERGRID): BDT 1,055,932,996. The Company could not provide us proper supporting documents (i.e. copy of original title deeds, BS, RS, CS mutation, DCRs, Mouza Maps, updated land development tax receipts) related to ownership of lands. As a result, the ownership of the lands could not be confirmed. Besides, the Company could not also provide us a complete list of lands along with location, size and carrying amount of each piece of land separately. (Cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): We had no other practical alternative auditing procedure that we could apply to confir
(Continuation news of POWERGRID): We had no other practical alternative auditing procedure that we could apply to confirm the ownership of the land as well as the carrying value thereof as on 30 June 2022. 4. As disclosed in note # 5 to the financial statements, the Company has recognized Capital works-in-progress amounting to BDT 217,688,943,469 which includes the value of BDT 51,168,163,336 for 10 completed Projects (Cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): (Out of which 6 projects were closed as on 30 June 2022 value of BDT 47,555,052,729).
(Continuation news of POWERGRID): (Out of which 6 projects were closed as on 30 June 2022 value of BDT 47,555,052,729). This amount should have been transferred to Property, plant and equipment from Capital works-in-progress in the current year. But the Company has not yet transferred the amount to Property, plant and equipment. As a result, the current year-end Capital works-in-progress has been overstated with corresponding understatement of the current year-end gross carrying (Cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): amount of PPE. Consecutively, the depreciation charge for the current year has been un
(Continuation news of POWERGRID): amount of PPE. Consecutively, the depreciation charge for the current year has been under recognized. 5. As disclosed in note # 8 to the financial statements, the Company has reported an amount of BDT 9,642,018,067 as \"Accounts and other receivables\". It includes inter-alia receivables from BPDB, DPDC, DESCO, PBS, WZPDCL, NESCO and OPGW amounting to BDT 5,161,958,013, BDT 1,460,501,976, BDT 362,897,264, BDT 2,219,627,101, (Cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): BDT 215,002,987, BDT 124,227,585 and BDT 3,953,879, respectively. Amounts as stated ab
(Continuation news of POWERGRID): BDT 215,002,987, BDT 124,227,585 and BDT 3,953,879, respectively. Amounts as stated above are increasing year by year till to date. It includes disputed amounts with BPDB, DPDC, PBS and WZPDCL BDT 3,885,438,956, BDT 907,833,687, BDT 43,598,530 and BDT 397,974, respectively. In our opinion, the Company is very unlikely to recover the amounts in full. Had adequate provisions been made for the above, (Cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): the earnings per share (EPS) for the year 2021-22 and net asset value (NAV) as at 30 J
(Continuation news of POWERGRID): the earnings per share (EPS) for the year 2021-22 and net asset value (NAV) as at 30 June 2022 would have been adversely affected to that extent. 6. In note # 12 to the financial statements, the Company has disclosed BDT 80,432,660,225 as \'Deposit for Shares\'. As per gazette #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. (Cont.11)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): And money received under SMD should be converted to Share Capital within 6 months of r
(Continuation news of POWERGRID): And money received under SMD should be converted to Share Capital within 6 months of receipt of the money. The above-mentioned gazette also requires that, until converting the SMD into Share Capital, SMD amount should be considered as Potential Share Capital and also for the calculation of Earnings Per Share of the Company. During the year 2021-2022 and 2020-2021, the Company refunded SMD amounting to BDT 1,800,038,372 and (Cont.12)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): BDT 160,777,591 respectively as part of authority adjustment (refund of excess disburs
(Continuation news of POWERGRID): BDT 160,777,591 respectively as part of authority adjustment (refund of excess disbursement of SMD by the Govt.). The Company has neither converted the SMD into Share Capital nor considered the SMD while calculating the diluted EPS. The diluted earnings per share (Diluted EPS) for the financial year 2021-2022 would have been adversely affected to that extent. A decision is pending at the Ministry of Power Energy and Mineral Resources in this (Cont.13)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): regard suggesting the Company to issue irredeemable and non-cumulative preference shar
(Continuation news of POWERGRID): regard suggesting the Company to issue irredeemable and non-cumulative preference shares in the name of Secretary of Power Division at 0.5\% for the first year and at 1\% from the next year against the share money deposit to comply with section 8(2) (Gha) of Financial Reporting Act 2015. Though decision has not been finalized and no gazette was published by the ministry. 7. In note # 14.3 to the financial statements, (Cont.14)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): the Company has disclosed BDT 3,599,172,321 (2020-2021: BDT 3,599,172,321) as \'Assign
(Continuation news of POWERGRID): the Company has disclosed BDT 3,599,172,321 (2020-2021: BDT 3,599,172,321) as \'Assigned loan from DPDC(DESA)\'. In the case of \'Assigned loan from DPDC(DESA)\', the Company has been carrying the same balance since long without charging any interest on it. Also, no documents in support of such assigned loan were found to verify the loan balance. It is also mentionable that in the audited financial statements of DPDC (Cont.15)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): for the year 2020-21, no receivable was found to be recognized on account of PGCB. Emp
(Continuation news of POWERGRID): for the year 2020-21, no receivable was found to be recognized on account of PGCB. Emphasis of matter: We draw attention to the following matters, though our opinion is not qualified in respect of the same: 1. Reference to note # 3.1, 14 & 18 of the financial statements, the company has translated its unsettled foreign currency liabilities in USD, SEK, EURO, JPY & CNY at the exchange rate (BC selling rate of Bangladesh Bank) of BDT 93.45/USD, (Cont.16)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): to the financial statements of the company. 2. In note#25 to the financial statements
(Continuation news of POWERGRID): to the financial statements of the company. 2. In note#25 to the financial statements the Company has disclosed BDT 739,007,587 as \'Administrative expenses\' which consists of rent, rates and taxes amounting to BDT 27,755,026. Out of this amount, office rent expenses of GMD offices comprise of BDT 6,029,836. The rental arrangements convey the right to control the use of identified assets for a period of time in exchange for consideration (Cont.18)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): similar to leases. Also, the rental tenures for the offices are more than 12 months an
(Continuation news of POWERGRID): similar to leases. Also, the rental tenures for the offices are more than 12 months and the underlying assets are not of low value. As such these rentals should have been recognized and measured in the financial statements as lease liabilities and right-of-use assets as per IFRS-16 Leases. But the IFRS 16 was not followed while preparing the financial statements. 3. In note # 3.4.2 and 14 to the financial statements, (Cont.19)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): the Company has disclosed loan recognition policy and \'Term loan-interest bearing\' c
(Continuation news of POWERGRID): the Company has disclosed loan recognition policy and \'Term loan-interest bearing\' comprising of the loans provided by the development partners, loan taken from the Government of Bangladesh, Assigned Loans, and loans from some other parties. In the case of recognizing loans, the Company recognized the loans when the Company issued payment certificates/withdrawal notifications, (Cont.20)
The first part of this announcement is missing from the archive. - (Continuation news of POWERGRID): even though the loans were disbursed at later dates by the development partners which
(Continuation news of POWERGRID): even though the loans were disbursed at later dates by the development partners which creates overstatements of loan balance by undisbursed portion as at 30 June 2022. Also, no exchange gain/(loss) was calculated on such overstatement of foreign currency loan of equivalent BDT 8,742,442,047. However, the loan interest calculations thereon have been correctly made from the disbursement dates. (end)
The first part of this announcement is missing from the archive. - Qualified Opinion & Emphasis of matter
(Continuation news of POWERGRID): BDT 9.14/SEK, BDT 97.5898/EURO, BDT 0.6842/JPY and BDT 13.9336/CNY on 30 June 2022 as per the requirements of IAS 21- The Effects of Changes in Foreign Exchange Rate. Subsequently, up to 30 September 2022, foreign currency liabilities were settled at the rate of BDT 96.00/USD, BDT 8.9369/SEK, BDT 95.4085/EURO, BDT 0.6666/JPY and BDT 14.8725/CNY as disclosed under Event after Reporting Period as per IAS 10 in note # 37.01 (Cont.17)
The first part of this announcement is missing from the archive. - Q1 Financials
(Continuation news of POWERGRID): Reasons for significant deviation: EPS has been decreased due to increase of expenses and NOCFPS has been increased due to decrease in payment to suppliers, contractors and employees as well as increase in collection from customers. (end)
The first part of this announcement is missing from the archive. - Price Limit Open
There will be no price limit on the trading of the shares of the Company today (10.11.2022) 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.
- Dividend Declaration
The Board of Directors has recommended 10% cash dividend for general shareholders excluding sponsors for the year ended June 30, 2022. Date of AGM: 21.01.2023, Time: 10:00 AM, Venue: The venue of the AGM will be announced later. Record date: 30.11.2022. The Company has also reported EPS of Tk. 1.72, NAV per share of Tk. 133.66 and NOCFPS of Tk. 11.53 for the year ended June 30, 2022 as against Tk. 4.50 (Restated), Tk. 121.84 (Restated) and Tk. 13.69 respectively for the same period of the previous year.
- Dividend Declaration (Additional Information)
The Company has further informed that the Sponsors and Directors hold 53,45,53,467 shares out of total 71,27,26,991 shares of the company and the cash dividend payable to general shareholders is Tk. 17,81,73,524.00.
- Change of Time of Board Meeting under LR 16(1)
The Company has further informed that, due to unavoidable circumstances, 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 November 09, 2022 at 5:00 PM instead of 6.00 PM. Other information will remain unchanged.
- Change of Time of Board Meeting under LR 19(1)
The Company has further informed that, due to unavoidable circumstances, the Board meeting under LR 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, will be held on November 09, 2022 at 5.00 PM instead of 6.00 PM. Other information will remain unchanged.
- 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 9, 2022 at 6:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended September 30, 2022.
- Reschedule of Board Meeting under LR 19(1)
The Company has further informed that, the Board meeting under LR 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, will be held on November 09, 2022 at 6:00 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 28, 2022 at 10:30 AM to consider, among others, audited financial statements of the Company for the year ended June 30, 2022, has been postponed. New date and time of the meeting will be notified later on.
- Reschedule of Board Meeting under LR 19(1)
The Company has further informed that, due to unavoidable circumstances, the Board meeting under LR 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, will be held on October 28, 2022 at 10:30 AM instead of October 27, 2022 at 6:00 PM to consider, among others, audited financial statements of the Company for the year ended June 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 October 27, 2022 at 6:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2022.
- Q3 Financials
(Continuation news of POWERGRID): EPS for the period has decreased by BDT 0.01 in compare to previous period. The total income of the Company has increased by BDT 1,151,616,063 and the total expenses of the Company has increased by BDT 1,157,562,798. The expenses do not incur in line with the Company's income. Hence EPS has decreased. NOCFPS decrease due to increase in payment to suppliers, contractors and employees. (end)
The first part of this announcement is missing from the archive. - 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 7:00 PM to consider, among others, un-audited financial statements of the company for the Third Quarter (Q3) period ended March 31, 2022.
- Dividend Disbursement
The Company has informed that it has disbursed the cash dividend for the year ended June 30, 2021 to the respective shareholders.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. 0.93 for October-December 2021 as against Tk. 1.26 for October-December 2020; EPS was Tk. 2.75 for July-December 2021 as against Tk. 2.51 for July-December 2020. NOCFPS was Tk. 6.74 for July-December 2021 as against Tk. 10.24 for July-December 2020. NAV per share was Tk. 131.84 as on December 31, 2021 and Tk. 120.40 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 January 29, 2022 at 11:00 AM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended December 31, 2021.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.