The board of directors of the Bata Shoe Company (Bangladesh) has recommended ‘no’ final dividend for the year ended on December 31, 2019 due to the worldwide as well as the countrywide shutdown amid Covid-19 outbreak.
However, a 125 per cent cash dividend which is already been paid as the interim dividend is the final dividend for the year ended on December 31, 2019, according to an official disclosure on Thursday.
The annual general meeting will be held on September 10 at 11:00 am through the digital platform. The record date is on July 29.
The company has also reported EPS of Tk. 36.11, NAV per share of Tk. 364.65 and NOCFPS of Tk. 68.66 for the year ended on December 31, 2019 as against Tk. 72.70, Tk. 347.11 and Tk. 2.75 respectively for the same period of the previous year.
The company has also informed that the reason for declaring no dividend and others as “Due to the worldwide as well as the countrywide effect of COVID-19 the country was almost two months locked down and a general holiday to avoid the risk of spreading viruses we could not remain open to our outlets for business”.
After withdrawing from lockdown our outlets can open till 4:00 pm only. Therefore, our cash flow does not support paying any cash dividend as a final dividend for the year 2019, said the disclosure.
There will be no price limit on the trading of the shares of the company today following its corporate declaration; however, as per the BSEC Order dated March 19, 2020, the floor price shall be applicable accordingly.
Each share of the company, which was listed on the Dhaka bourse in 1985, closed at Tk 693.20 on Wednesday.
In 2018, the company disbursed a total of 345 per cent cash dividend.