JMI Hospital Requisite to set up hospital

JMI Hospital Requisite Manufacturing Limited (JHRML), a medical device and component manufacturer, has decided to set up a hospital in the capital city.

To this end, the listed company has formed a subsidiary named JMI Specialized Hospital Limited, which will have an authorised capital of Tk 50 crore and a paid-up capital of Tk 20 crore. 

Authorised capital is the maximum value of the shares that a company is legally allowed to issue to its shareholders whereas paid-up capital is the amount that is actually paid by shareholders.

JHRML will hold a 65 percent stake in the new entity, according to a filing on the Dhaka Stock Exchange.

The hospital will be set up on a rented building in Dhanmondi and the operations are expected to begin by June 2024, said JHRML Company Secretary Md Safiqur Rahaman.

Shares of JHRML surged 9.46 percent to Tk 84.50 on the DSE yesterday. Established in 2008 as a joint-venture company with South Korea, JHRML is a manufacturer of medical devices and their components, according to its website.

It made a profit of Tk 40.72 crore in the year that ended on June 30 of 2022, up 30 percent from a year earlier. 

The company has not published the earnings data for the last fiscal year, which ended in June. Its profit fell 45 percent year-on-year to Tk 19.92 crore in the July-March period of 2022-2023, DSE data showed.