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The Financial Express

Standard Bank plans into full-fledged Islamic bank

The bank declares 10pc dividend


FE Online Report | Published: March 25, 2020 12:35:57 | Updated: March 29, 2020 11:14:45


Standard Bank plans into full-fledged Islamic bank

The board of Standard Bank has decided to amend relevant clauses for conversion into full-fledged Islamic banking subject to approval from shareholders and relevant authorities.

The board of directors of the bank has decided to amend the relevant clauses/articles of the Memorandum and Articles of Association of the company for conversion into full-fledged Islamic banking subject to approval from shareholders, prior permission from Bangladesh Bank and High Court Division of the Supreme Court.

The board has also recommended 5.0 per cent cash and 5.0 per cent stock dividend for the year ended on December 31, 2019, said an official disclosure on Wednesday.

The date of EGM and AGM is May 18 in the Police Convention Hall in Dhaka.

The record date for EGM & AGM is April 26.

The bank has also reported consolidated earnings per share (EPS) of Tk 1.57, consolidated net asset value (NAV) per share of Tk 16.96 and consolidated net operating cash flow per share (NOCFPS) of Tk 9.91 for the year ended on December 31, 2019 as against Tk 1.31, Tk 15.46 and Tk 2.45 respectively for the same period of the previous year.

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; the floor price shall be applicable accordingly.

Each share of the bank, which was listed on the Dhaka bourse in 2003, closed at Tk 8.20 on Tuesday.

The company disbursed 10 per cent stock dividend for the year ended on December 31, 2018.

The bank’s paid-up capital is Tk 9.58 billion and authorised capital is Tk 15 billion while total number of securities is 958.08 million.

The sponsor-director own 39.63 per cent stake in the company, while the institutional investors own 21.96 per cent, foreign investors 1.26 per cent and the general public 37.15 per cent as on February 29, 2020, the DSE data showed.

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