Monno Jute recommends 350pc stock dividend
Co's share price closes at Tk 4658.60 each
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The board of directors of Monno Jute Stafflers has recommended a 350 per cent stock dividend for the year ended on June 30, 2018, the company said on Thursday.
It was the third-highest stock dividend recommended so far by any listed company in the history of Bangladesh's capital market, according to Dhaka Stock Exchange (DSE).
Recently, Stylecraft, a textile company, has recommended a record 410 per cent stock dividend for the year ended on June 30, 2018.
In 2007, Dutch-Bangla Bank disbursed 394.17 per cent stock dividend, the second highest recorded.
Monno Jute Stafflers also became the most-valued stock on the DSE as its share price closed at Tk 4,658.60 each on Thursday, soaring 3.95 per cent or Tk 177.20 each.
During the past six months, Monno Jute's share price surged by 156 per cent or Tk 2,839 each.
The final approval will come during the annual general meeting scheduled for December 06. The record is on November 15.
The company has also reported earnings per share (EPS) of Tk 8.74, net asset value (NAV) per share of Tk 53.30 and net operating cash flow per share (NOCFPS) of Tk 69.68 for the year ended on June 30, 2018 as against Tk 0.57, Tk 52.25 and minus Tk 96.16 respectively for the same period of the previous year.
The company has also said that due to overhauling of factory machinery and addition of the new machinery, production has increased.
As a result, the company's sales have increased and total expenditure of the company decreased and EPS has increased for the year ended on June 30, 2018, said the company.
The company, which was listed on the Dhaka bourse in 1982, disbursed 15 per cent stock dividend in 2017.
The sponsor-directors own 55.90 per cent stake in the company, while institutional investors own 4.04 per cent, foreign investors 0.01 per cent and the general public 40.05 per cent as on September 30, 2016.
The company's paid-up capital is only Tk 10 million and authorised capital is Tk 4.60 million, while the number of securities is 460,000, according to statistics available with the DSE.