Dhaka, Bangladesh (BBN) – The board of directors of the Exim Bank Limited has adopted the resolution for the issuance of Mudaraba Subordinated Bond of BDT 6.0 billion, said an official disclosure on Thursday.
“The board has accorded its approval for issuance of Mudaraba Subordinated Bond for BDT 6.0 billion only as a process of inclusion in Tier-II capital,” said the disclosure.
The issue size of the bond is BDT 6.0 billion the tenure of which will be seven years.
The unit of the bond will be issued through private placement subject to the approval of the regulatory authorities –Bangladesh Bank (BB) and Bangladesh Securities & Exchange Commission (BSEC) and compliance of all formalities in this respect, the disclosures added.
Each share of the bank, which was listed on the Dhaka bourse in 2004, closed at BDT 14.50 on Wednesday on the Dhaka Stock Exchange (DSE).
The board of directors of the bank has recommended 12.50 percent cash dividend for the year ended on December 31, 2017.
The final approval will come during the annual general meeting (AGM) scheduled to be held on June 27 in Dhaka. The record date is on May 22.
The Exim Bank has also reported consolidated earnings per share (EPS) of BDT 2.34, consolidated net operating cash flow per share (NAV) per share of BDT 19.58 and consolidated net operating cash flow per share (NOCFPS) of BDT 4.02 for the year ended on December 31, 2017 as against BDT 2.15, BDT 18.74 and minus Tk 3.42 respectively for the same period of the previous year.
The bank’s paid-up capital is BDT 14.12 billion and authorised capital BDT 20 billion while total number of securities is 1.41 billion, according to DSE statistics.
Sponsor-directors own 41.58 per cent stake in the bank while institutional investors own 18.07 percent, foreign investors 4.30 percent and the general public 36.05 percent as of March 30, 2018.
The bank disbursed 15 percent cash dividend for the year ended on December 31, 2016.