Dhaka, Bangladesh (BBN)- The board of directors of Eastern Housing Limited (EHL) has recommended 22 percent cash dividend for the year ended on June 30, 2017, said an official disclosure on Sunday.
The final approval of dividend will come during the annual general meeting (AGM) scheduled to be held on November 8 at 10:30am at RAOWA Convention Hall-3 Mohakhali in Dhaka.
The record date for entitlement of dividend is on October 11, 2017.
The company has also reported earnings per share (EPS) BDT 2.33 and net asset value per share (NAV) per share of BDT 58.87 and net operating cash flow per share (NOCFPS) of BDT 12.03 for the year ended on June 30, 2017 which was BDT 2.06 (restated), BDT 64.45 (restated) and BDT (1.53) (restated) for the 11 months period from August 2015 to June 2016.
In 2016, the company disbursed 15 percent cash dividend and 5.0 percent stock dividend.
There will be no price limit on the trading of the shares of the company on today its corporate declaration.
Each share of the company, which was listed on the Dhaka bourse in 1994, closed at BDT 48.80 on Thursday last at Dhaka Stock Exchange (DSE).
The company’s paid-up capital is BDT 933.45 million and authorized capital is BDT 2.0 billion while total number of securities is 93.34 million.
The sponsor-directors own 50.09 percent stake in the company, institutional investors own 26.51 percent and the general public own 23.40 percent as on August 31, 2017, the DSE data shows.
Eastern Housing was incorporated in 1964 as a Private Limited Company under the Companies Act, 1913. In 1993 the company was registered itself with RJSC & F as a Public Limited Company which is one of the largest Real Estate Company in the private sector. The company raised its capital by way of an overwhelmingly subscribed IPO of shares and debentures through a prospectus issued in July, 1994.
The company is the pioneer as well as the only Public Limited Company in the country in Real Estate Business under the private sector.
Eastern Housing is one of the earliest members of the REHAB Association, the central body for private sector developers in Bangladesh. It was formed under the leadership of Mr. Jahurul Islam to reduce the housing problems of Dhaka city.
It started its work by successfully implementing a project of building 700 houses in Pallabi Thana, Dhaka, and acquiring 910 acres (3.68 km) of land. It was one of the first to provide low-cost housing to the residents of Bangladesh (then East Pakistan).
The company started operations by developing real estate mostly within Dhaka, the capital of the country and subsequently it has started to build shopping malls and apartment outside the capital. It regularly takes part in REHAB real estate fairs, both at home and abroad, and experiences sell-out performances.
BBN/SSR/AD