GQ Ball Pen sells land to repay bank loans
GQ Ball Pen Company has sold a 7.67-katha land in Chattogram to repay bank loans.
It sold the land at Tk 3.45 crore and duly transferred the vacant land to the buyer, the listed ball pen company said in a posting on the website of the Dhaka Stock Exchange.
The company has further informed that it has partially adjusted the Southeast Bank's liability of Tk 1.15 crore and will utilise the rest of the amount on a priority basis.
By selling the vacant land, the company has gained a non-operating income of Tk 3.03 crore, which will be reflected in the accounts, it added.
The company was struggling to repay loans as it has been incurring loses in the last few quarters.
In the nine months period of the current financial year during July of 2022 to March of 2023, the company's earnings per share stood at Tk 3.05 in the negative.
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