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BSRM Steels recommends 25pc cash dividend

FE Online Report | Published: September 17, 2019 12:31:52 | Updated: September 18, 2019 11:39:00


Photo collected from internet has been used for representational purpose only

The board of directors of BSRM Steels Ltd has recommended 25 per cent cash dividend for the year ended on June 30, 2019.

The final approval the of dividend will come during the annual general meeting (AGM) scheduled to be held on December 19 in Chattogram, said an official disclosure on Tuesday.

The record date for entitlement of dividend is October 27, 2019.

The country’s leading steel maker also reported earnings per share (EPS) of Tk 4.60, net asset value (NAV) per share of Tk 55.58 and net operating cash flow per share (NOCFPS) of negative Tk 12.43 for the year ended on June 30, 2019 as against Tk 4.79, Tk 37.48 and Tk 2.20 respectively for the same period of the previous year.

The company has also informed that negative NOCFPS for 2019, the reasons are slower collection of sales proceeds due to increased competition in the market and commencement of operation of the company new Billet Making plant that needs initial working capital loans from different banks.

In 2018, the company disbursed 10 per cent cash and 10 per cent stock dividend.

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

Each share of the company, which was listed on the Dhaka Stock Exchange (DSE) in 2009, closed at Tk 51 on Monday.

The company’s paid-up capital is Tk 3.75 billion and authorised capital is Tk 5.0 billion, while the total number of securities is 375.95 million.

The sponsor-directors own 70.53 per cent stake in the company, institutional investors 18.24 per cent, foreign 0.29 per cent and the general public 10.94 per cent as on August 31, 2019, the DSE data shows.

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