A view of Dhaka Stock Exchange. Photo: BBN
Dhaka, Bangladesh (BBN) - The board of directors of BSRM Steels has recommended 5.0 per cent cash and 17 per cent stock dividend for the year ended on June 30, 2017, said an official disclosure on Sunday.
The board has also decided to issue rights shares at the rate of 2R:3 (Two rights share for every three existing shares) at an issue price of BDT 25 each, including premium of BDT 15 per share subject to approval of shareholders in the extraordinary general meeting (EGM) and the Bangladesh Securities & Exchange Commission (BSEC), the disclosure said.
The annual general meeting (AGM) and the EGM will be held on October 12 at 11:00am and 1:00pm respectively. Venue: to be notified later on.
The record date for AGM and EGM is on September 19.
Another record date for entitlement of the proposed rights shares to be notified later after obtaining approval from BSEC.
The company has also reported earnings per share (EPS) of BDT 8.18, net asset value (NAV) per share (before considering dividend) of BDT 44.60 and net operating cash flow per share (NOCFPS) (before considering dividend) of BDT 2.08 for the year ended on June 30, 2017 as against BDT 3.14 (restated), BDT 41.05 and BDT 1.45 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.
Each share of the steel maker, which was listed with the Dhaka bourse in 2009, closed at BDT 88.30 at Dhaka Stock Exchange (DSE) on Thursday last.
The BSRM saga began with the first steel re-rolling mills to emerge in the then East Bengal in 1952. It is the leading steel manufacturing company and one of the prominent corporate houses in Bangladesh.
Over the years BSRM steel products has been chosen solely for building major National landmarks and infrastructures. To name a few, the Hatirjheel Project, Zillur Rahman Flyover, Mayor Hanif Flyover and Shah Amanat Bridge were made with BSRM Xtreme. BSRM Xtreme is a product that was introduced when there were no graded steel.
It was major change in the steel industry. The core driver was the belief in evolution in steel products, which resulted in bringing the first EMF tested rod, the first steel brand that passed 5.0 million cyclic loading Fatigue testing in the U.K. and conformed to 10 global standards.
With the largest steel producing factory in the country and employing the best technology from Europe, the company maintains volume with uncompromising quality.
BSRM is dedicated to providing the best solution for the construction industry. The first ever 50mm rod was specially designed and rolled for the deep pilling requirements of Padma Bridge. Its recently introduced brands are also designed to meet special needs for the construction industry.
BBN/SSR/AD