Investment in Samson Pharma Inc., Philippines.
Square Pharmaceuticals PLC. will invest an amount of USD 1.00 million in the Equity of "Samson Pharma Inc., Philippines", a Company to be engaged in the marketing and distribution of pharmaceutical products, incorporated in the Philippines, out of its initial investment of USD 2.5 million. The Debt-Equity ratio of Samson Pharma Inc., Philippines will be 60:40, and expected to start its business in the Philippines by April 2024.
Emphasis of Matter
Without modifying our opinion, we want to draw attention to Note-3.27, Note-5 and Note-15 of the consolidated financial statements, wherein the Group revised its retained earnings by increasing Tk. 176.9 crore to account for earnings arising from mergers & acquisitions and other adjustments by its associates in the associates' previous financial statements. The Group restated the opening balances of assets, liabilities and equity for the earliest period for which retrospective restatement was practicable i.e., financial year 2020-21.
Other Matter
The accounting year of the subsidiary companies- Square Pharmaceuticals Kenya EPZ Limited and Square Lifesciences Limited, ends on the same date as of the Company. Moreover, the company invested in Samson Pharma Inc. The Philippines Tk. 5.25 crore as share money deposit as at reporting date. The Financial Statements of Square Pharmaceuticals Kenya EPZ Limited was audited by another auditor and expressed unmodified opinion on those statements. The Financial Statements of Square Lifesciences Limited was audited by another auditor and also expressed unmodified opinion on those statements.
Investment in the BMSL National Housing Growth Fund, Date: 13-09-2023
The Board of Directors of Square Pharmaceuticals PLC in its meeting held on 13th September, 2023 has decided to invest an amount of Tk. 20.50 cr. (Taka twenty crore fifty lac) in the BMSL National Housing Growth Fund of BMSL Asset Management Co. Ltd., Dhaka Bangladesh.
The Board of Directors of Square Pharmaceuticals PLC in its meeting held on 7th August, 2023 has decided to invest an amount of Tk. 20.00 cr. (Taka twenty crore) in order to purchase ordinary shares of Lafargeholcim Bangladesh PLC at a current market price.
