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Two more companies recommend dividend

FE Online Report | Published: October 31, 2019 11:51:34 | Updated: November 02, 2019 10:44:54


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The board of directors of two more companies-- Mozaffar Hossain Spinning Mill and Sonargaon Textile Ltd-- have recommended dividend for the year ended on June 30, 2019, said official disclosures on Thursday.

Mozaffar Hossain Spinning Mills: The board of directors has recommended 2.0 per cent stock dividend for the year ended on June 30, 2019.

The final approval of dividend will come during the Annual General Meeting (AGM) scheduled to be held on December 24, 2019 in Dhaka.

The record date is November 24, 2019.

The company has also reported EPS of negative Tk 0.93, NAV per share of Tk 15.61 and NOCFPS of Tk 4.01 for the year ended on June 30, 2019 as against Tk 0.49, Tk 16.55 and Tk 1.92 respectively for the same period of the previous year.

The management has decided to declare 2.0 per cent stock dividend to accommodate the cash flow and fund requirement for the ongoing BMRE of ring spinning unit. The BMRE for the new ring spinning unit with 36,000 spindles are going on.

The company has also informed that to accommodate the ongoing BMRE with ring unit as well to re-structure the existing Rotor spinning unit MHSML had declared shut down of its capacity for 50 per cent since May 2018.

Due to lesser production resulted lower cash inflow but for the ongoing BMRE the cash outflow in very high. As such it’s difficult for the management to provide any dividend for the financial year 2018-2019.

The bonus share is declared from accumulate retained earnings of 355 million. Bonus shares is not declared from capital reserve or revaluation reserve or any unrealised gain or out of profit earned prior to incorporation of the company or through reducing paid up capital or through doing anything so that the post-dividend retained earning become negative or a debit balance.

Sonargaon Textile: The board of directors Sonargaon Textile has recommended 3.0 per cent cash dividend for the year ended on June 30, 2019.

The final approval of dividend will come during the Annual General Meeting (AGM) scheduled to be held on December 18, 2019 in Barisal.

The record date is November 21, 2019.

The company has also reported EPS of Tk 0.93, NAV per share of Tk 29.44 and NOCFPS of Tk 0.55 for the year ended on June 30, 2019 as against negative Tk 0.57, Tk. 28.51 and Tk 0.32 respectively for the same period of the previous year.

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