Dhaka, Bangladesh (BBN)-The board of directors of Deshbandhu Polymer Ltd has recommended 10 percent stock dividend for the year ended on June 30 this year, said an office disclosure on Monday.
The board has also decided to issue rights share @1:1 at par on paid up capital after considering bonus shares subject to the approval by the shareholders in EGM and the regulatory authorities.
The purpose of the rights issue is to increase of production capacity by expansion through product diversification.
The board has further decided to increase the authorised capital of the company from BDT 1.0 billion to BDT 3.0 billion.
The approval of the dividend will be given in the annual general meeting scheduled to be held on October 19 at
factory premises of the company in Narshingdi.
Record date for AGM is September 21.
Another record date for entitlement of the proposed rights shares to be notified later after obtaining approval from BSEC.
The company has also reported net profit of BDT 53.20 million, EPS of BDT 1.05, NAV per share of BDT 11.21 and NOCFPS of BDT (0.54) for the year ended on June 30, 2014 as against BDT 12.55 million, BDT 0.25, BDT 10.67 and BDT (0.77) respectively for the same period of the previous year.
BBN/BB/JF-08Sept14-1:50pm (BST)