Matin Spinning recommends 17pc cash dividend

FE Online Report | Published: November 05, 2018 11:58:41 | Updated: November 06, 2018 11:38:34

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The board of directors of Matin Spinning Mills has recommended 17 per cent cash dividend for the year ended on June 30, 2018, according to an official disclosure on Monday.

The final approval of dividend will come during the annual general meeting (AGM) scheduled to be held on December 13 in Dhaka.

The record date is November 29.

The company has also reported earnings per share (EPS) of Tk 3.10, net asset value (NAV) per share with revaluation reserve of Tk 43.63, and net operating cash flow per share (NOCFPS) of Tk 5.64 for the year ended on June 30, 2018 as against Tk 2.68, Tk 41.99 and Tk 2.50 respectively for the same period of the previous year.

The board has also approved purchase of three Gas Generators for increasing captive power generation using the expected additional supply of Gas for saving over existing power cost.

Total cost of Generators and installation cost is estimated at Tk 231 million. After installation of the new Generators, the company is expected to save Tk 75 million (approx) per year.

The company, which was listed on the Dhaka bourse in 2014, disbursed 15 per cent cash dividend in 2017.

Each share of the company closed at Tk 41.40 on Sunday at Dhaka Stock Exchange.

There will be no price limit today on the trading of shares of the company following its corporate disclosure.

The sponsor-directors own 32.72 per cent stake in the company, while institutional investors own 53.73 per cent and the general public 13.55 per cent as on September 30, 2018.

The company’s paid-up capital is Tk 974.90 million and authorised capital is Tk 1.50 billion, while total number of securities is 97.49 million, according to statistics from the DSE.

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