The Financial Express

Northern Jute recommends 40pc dividend

| Updated: October 22, 2017 04:06:31

Northern Jute recommends 40pc dividend

The board of directors of Northern Jute Manufacturing Company Limited has recommended 20 per cent cash and 20 per cent stock dividend for the year ended on June 30, 2017, said an official disclosure on Monday.


In 2016, the company disbursed only 5.0 per cent cash dividend.


The final approval will come during the Annual General Meeting (AGM) scheduled to be held on October 22 at 9:00am at RAOWA Convention Hall-3 Mohakhali in Dhaka.


The record date for entitlement of dividend is on September 28, 2017.


The company has also reported earnings per share (EPS) 5.13 and net asset value per share (NAV) per share of Tk 91.03 and net operating cash flow per share (NOCFPS) of Tk (58.09) for the year ended on June 30, 2017 as against Tk. 0.72, Tk. 85.94 and Tk. 4.86 respectively for the same period of the previous year.


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


Each share of the company, which was listed on the Dhaka bourse in 1994, closed at Tk 666.90 on Sunday at Dhaka Stock Exchange (DSE).


The company’s paid-up capital is only Tk 17.85 million and authorized capital is Tk 100 million while total number of securities is 1.78 million.


The sponsor-directors own 15.38 per cent stake in the company, while foreign investors own 30 per cent and the general public own 54.62 per cent as on August 31, 2017, the DSE data showed.


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