Bank Asia recommends 40pc stock dividend

The board of directors of Bank Asia Limited has recommended 40 per cent stock dividend for the year that ended on December 31, '10. The board of the bank has also decided to offer 1:4 rights shares at par subject to the approval of the shareholders in the Extraordinary General Meeting (EGM) and regulatory authorities. The board has also resolved to restructure/revise the features of the proposed subordinated debt in the form of zero coupon bonds to be issued to raise Tk 2.5 billion, which has already been approved by the shareholders, with regard to the structure of the subordinated debt, coupon/interest rate and/or the tenure in such a manner as may be decided by the board of directors of the bank subject to the approval of the shareholders in the EGM and regulatory authorities, if any. The EGM and Annual General Meeting (AGM) of the bank will be held on March 30 at Officers' Club in the city at 10am and 10:30am respectively. Record date for the meetings is March 7. Another record date for entitlement of the proposed rights shares will be announced later after obtaining approval from Securities and Exchange Commission (SEC). The board of the bank has also reported earning per share (EPS) Tk 64.26, net asset value (NAV) per share Tk 235.12 and net operational cash flow per share (NOCFPS) Tk 186.06. The board of the bank has also decided to revalue its fixed assets for the purpose of Tier-2 capital recognition subject to permission from the Bangladesh Bank and other regulatory authorities.