ICB net profit records 90.85 pc rise
Friday, 29 October 2010
FE Report
The 34th AGM of Investment Corporation of Bangladesh (ICB) was held Thursday at the auditorium of National Sports Council Tower (NSC Tower) in the city.
The meeting was presided over by Professor Dr. M. Khairul Hossain, Chairman, Board of Directors of the Corporation.
The meeting was attended by the Managing Director (Additional Charge) of ICB Ms. Dina Ahsan and other Directors of ICB. A large number of shareholders attended the meeting and took part in discussions.
The shareholders discussed various aspects of the Annual Report and Audited Accounts as well as the activities of ICB and its subsidiary companies for the year 2009-2010.
During the period ICB earned a net profit of Tk. 2.13 billion, which was 90.85% higher than that of previous year and was the highest since its establishment.
The shareholders approved 25% stock dividend and 15% cash dividend for the period. The state-owned asset management company had also declared very attractive dividends for its eight Mutual Funds and for the Unit Fund. Cash dividend at the rate of 400% was declared for the ICB First Mutual Fund, which was the highest cash dividend in the country.
The Corporation committed a net financial. assistance of Tk. 209.62 crore to 19 projects in the form of Pre-IPO Placement, Purchase of preference shares and debentures, Equity participation, Lease financing and Investment in bonds during the year 2009-2010, the amount of assistance was 52.95% higher than that of previous year. It also committed to act as Trustee to the issue of a subordinated bond of Tk. 250.00 crore and as Trustee and Custodian of 7 mutual funds worth Tk.755.00 crore during the period under report. The Corporation recovered an amount of Tk. 1335.52 crore on account of margin loans, project loans and other loans/advances, which was 127.78% higher than that of previous year. Under the Investors' Accounts rehabilitation scheme, the Corporation rehabilitated 19671 Investment Accounts up to 30 June, 2010. Securities worth of Tk. 12435.32 crore were traded in both the bourses through ICB Securities Trading Company Ltd. a subsidiary of ICB, for ICB and its Subsidiaries and other different portfolios, the volume of transaction was 129.24% higher than the total trade volume of Tk. 5424.63 crore in the previous year.
The 34th AGM of Investment Corporation of Bangladesh (ICB) was held Thursday at the auditorium of National Sports Council Tower (NSC Tower) in the city.
The meeting was presided over by Professor Dr. M. Khairul Hossain, Chairman, Board of Directors of the Corporation.
The meeting was attended by the Managing Director (Additional Charge) of ICB Ms. Dina Ahsan and other Directors of ICB. A large number of shareholders attended the meeting and took part in discussions.
The shareholders discussed various aspects of the Annual Report and Audited Accounts as well as the activities of ICB and its subsidiary companies for the year 2009-2010.
During the period ICB earned a net profit of Tk. 2.13 billion, which was 90.85% higher than that of previous year and was the highest since its establishment.
The shareholders approved 25% stock dividend and 15% cash dividend for the period. The state-owned asset management company had also declared very attractive dividends for its eight Mutual Funds and for the Unit Fund. Cash dividend at the rate of 400% was declared for the ICB First Mutual Fund, which was the highest cash dividend in the country.
The Corporation committed a net financial. assistance of Tk. 209.62 crore to 19 projects in the form of Pre-IPO Placement, Purchase of preference shares and debentures, Equity participation, Lease financing and Investment in bonds during the year 2009-2010, the amount of assistance was 52.95% higher than that of previous year. It also committed to act as Trustee to the issue of a subordinated bond of Tk. 250.00 crore and as Trustee and Custodian of 7 mutual funds worth Tk.755.00 crore during the period under report. The Corporation recovered an amount of Tk. 1335.52 crore on account of margin loans, project loans and other loans/advances, which was 127.78% higher than that of previous year. Under the Investors' Accounts rehabilitation scheme, the Corporation rehabilitated 19671 Investment Accounts up to 30 June, 2010. Securities worth of Tk. 12435.32 crore were traded in both the bourses through ICB Securities Trading Company Ltd. a subsidiary of ICB, for ICB and its Subsidiaries and other different portfolios, the volume of transaction was 129.24% higher than the total trade volume of Tk. 5424.63 crore in the previous year.