Quasem Industries has decided to revalue all of its land and land development assets to determine their current fair market value and ensure that the value of the assets is appropriately reflected in the company’s financial statements.
The decision was made at a board meeting of the company on Sunday, according to a disclosure published by the Dhaka Stock Exchange on Monday.
As part of the process, the board has appointed Shafiq Basak & Co, Chartered Accountants, as the independent professional valuer to carry out the revaluation of all land and land development owned by the company.
The revaluation is expected to provide an updated assessment of the company’s property assets in line with prevailing market conditions and accounting requirements.
Analysts said in the long term, property values rarely decline in Bangladesh due to the economic growth and population density.
Quasem Industries shares, having a face value of Tk10 each, closed 0.91 per cent lower at Tk43.70 on the Dhaka bourse on Monday.
