Dhaka, Bangladesh (BBN)-The AB bank has recommended 12.50 per cent stock dividend, said an official disclosure on Wednesday.
The board of directors of AB bank proposed the dividend for the year ended on December 31, 2015.
The board has also recommended to increase paid up capital of the bank by issuing rights share @ 5:4R (four rights share against existing 5 shares) each to the shareholders at a price of BDT 12.50 per share (including a premium of BDT 2.50 per share), after effecting Stock Dividend for the year ended 2015 and subject to approval from the shareholders at the EGM and the Regulatory Authorities.
The board has also recommended to increase authorized capital from BDT 6.0 billion to BDT 15 billion subject to approval from the respective regulatory authorities and at the EGM.
The board has also approved necessary amendments to relevant clauses/articles of the Memorandum and Articles of the Association of the Company.
The annual general meeting (AGM and extraordinary general meeting (EGM) will be held on July 12, time of EGM and AGM at 9:00am and 9:15am respectively at Senamalancha, Dhaka Cantonment, Dhaka.
The record date for EGM and AGM ins on May 31.
Another record date for entitlement of the proposed rights shares to be notified later after obtaining approval from Bangladesh Securities and Exchange Commission.
The bank has also reported consolidated profit after tax of BDT 1,457.30 million, consolidated earnings per share (EPS) of BDT 2.42, consolidated net asset value (NAV) per share of BDT 39.36 and consolidated net operating cash flow per share (NOCFPS) of BDT 0.97 for the year ended on December 31, 2015 as against BDT 1,501.60 million, BDT 2.50, BDT 33.25 and BDT 8.10 respectively for the year ended on December 31, 2014.
There will be no price limit on the trading of the shares of the company today following its corporate declaration.