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The Financial Express

Midas Financing declares 2.5pc cash, 2.5pc stock dividend for 2020

| Updated: August 05, 2021 09:49:45


Midas Financing declares 2.5pc cash, 2.5pc stock dividend for 2020

The board of directors of Midas Financing has recommended 2.50 per cent cash and 2.50 per cent stock dividend for the year ended on December 31, 2020.

The board has also decided to hold an extraordinary general meeting (EGM) to get approval from shareholders regarding a floor space measuring 3,790 square feet along with three car parking has been transferred to MIDAS at a value of more than Tk 17.14 million, only is subjected to approval from other regulatory authorities.

The annual general meeting (AGM) and EGM will be held on September 20 at 10:00 am and 11:00 am respectively, using a digital platform.

The record date for AGM and EGM is set for August 25, the company said in a filing with the Dhaka Stock Exchange (DSE) on Tuesday.

The company has also reported consolidated earnings per share (EPS) of Tk 0.83, consolidated net asset value (NAV) per share of Tk 11.69 and consolidated net operating cash flow per share (NOCFPS) of negative Tk 0.49 for the year ended on December 31, 2020, as against Tk 0.66 (restated), Tk 11.11 (restated) and Tk (1.86) (restated) respectively for the same period of the previous year.

The company also informed that bonus shares have been recommended to strengthen the liquidity growth of the company which will enhance the business growth of the company.

Bonus shares are declared out of accumulated profit and not declared from the capital reserve or revaluation reserve or any unrealized 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 earnings become negative or a debit balance.

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

The company also disclosed its first quarter (Q1) financial statements for January-March, 2021 on Tuesday. The company has reported loss of Tk 3.78 per share (consolidated) for January-March 2021 as against profit of Tk 0.11 per share for January-March 2020.

Each share of the financial institution closed at Tk 20.40 on Monday. Its share traded between Tk 10.70 and Tk 26.60 in last year.

In 2019, the company also provided 2.50 per cent cash and 2.50 per cent stock dividend.

The company’s paid-up capital is Tk 1.38 billion, authorised capital is Tk 2.0 billion and the total number of securities is 138.99 million.

The sponsor-directors own 41.35 stakes in the company while the institutional investors own 30.41 per cent, foreign investors 0.98 per cent and the general public 27.27 per cent as of June 30, 2021, the DSE data show.

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