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TITASGAS

All Eps Dividend Board Agm Q1 Q2 Q3

TITASGAS 11-Nov-2020

(Q1 Un-audited): EPS was Tk. 0.67 for July-September 2020 as against Tk. 0.72 for July-September 2019; NOCFPS was Tk. (12.28) for July-September 2020 as against Tk. 0.16 for July-September 2019. NAV per share was Tk 72.06 as on September 30, 2020 and Tk. 71.39 as on June 30, 2020.

TITASGAS 04-Nov-2020

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 10, 2020 at 6:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on September 30, 2020.

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): NBR and outcomes of the appeals are yet to be known. Our opinion is not modified in respect of these matters. (end)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): ii) Note # 28 to the financial statements, which describes that NBR claimed Tk. 4,168.65 crore from TGTDCL on account of income tax liabilities on net income of the Company for the years from AY 2009-10 to AY 2019-20 against which the Company has kept a total provision for Tk. 2,748.36 crore only till 30 June 2020. However, the Company filed to the competent authorities against the demand of the (cont.27)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): without approval of the shareholders in general meeting. The Company did not get approval from AGM for giving such loan. However, the Company had to give those loans to GTCL and BAPEX as per decisions of the government to implement various energy projects of those companies/government under the approval of ECNEC and Ministry of Power, Energy and Mineral Resources of the Government of Bangladesh. (cont.26)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): and Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) amounting to Tk. 1,079.97 crore and Tk. 113.75 crore respectively. These two companies are related parties to TGTDCL. Some of the Directors of TGTDCL are also the Directors of these two companies. But as per BSEC Order No. SEC/CMMRRCD/2006-159/Admin/02-10 dated 10 September 2006, loan to such companies could not be given (cont.25)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): incentive bonus stands at Tk. 44.28 as on 30 June 2020. But no approval has been taken from the Finance Division of Ministry of Finance for payment of incentive bonus or advance against the same for the years from 2014-15 to 2019-20. Emphasis of Matter: We draw attention to the fact as disclosed in: i) Note # 8 and 46 to the financial statements, which describes that the Company issued loan to Gas Transmission Company Limited (GTCL) (cont.24)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): a total of Tk. 61.50 crore as advance against incentive bonus to its employees for the years from 2014-15 to 2019-20. Out of the said amount Tk.11.89 crore has been distributed to the employees during the year under audit. Further, Tk. 17.22 crore has been adjusted against the said advance at the time of final settlement of the outgoing employees from the year 2014-15 to 2019-20. As a result, the outstanding amount of Advances against (cont.23)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): ended 30 June 2020. h. As per letter no. 07.01.0000.02.02.55.2015/270 dated 17 August 2015 of the Finance Division of Ministry of Finance regarding approval of incentive bonus, the subsidiaries along with Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) shall take prior approval from the Finance Division of Ministry of Finance before distributing any incentive bonus to their employees. The Company has distributed (cont.22)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): be considered in calculation of Earnings per share. However, the outstanding amount of such share money deposit stands at Tk. 178.49 crore as at 30 June 2020. But the Company has not converted this Share Money Deposit into the share capital of the Company as per the instruction given by FRC. Further, the Company refunded Tk. 0.14 crore in account of share money deposit after issuance of such letter from FRC for the year (cont.21)

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