Khulna Power recommends 20pc stock dividend

The board of directors of Khulna Power Company Limited has recommended 20 per cent stock dividend for the year that ended on December 31, 2010, according to DSE news. The board has decided to convene an extraordinary general meeting (EGM) and propose special resolutions: (i) to amend the Memorandum of Association and Articles of Association of Khulna Power Company Ltd. to increase the authorized share capital of the company from Tk 5.0 billion to Tk 7.0 billion by way of increasing the ordinary share capital from Tk 3.0 billion to Tk 5.0 billion and (ii) to provide corporate guarantee in favour of Standard Chartered Bank to secure credit facilities for "Khanjahan Ali Power Company Ltd" (KJAPCL), a subsidiary of KPCL. The EGM and AGM of the company will be held at Bashundhara Convention Centre, Bashundhara RA, Baridhara, Dhaka-1229 at 10:00am and 11:00am respectively on June 12. The record date for EGM and AGM is May 12. The company has stated EPS of Tk 2.25, NAV per share of Tk 12.57 and NOCFPS of Tk 0.93 for the year that ended on December 31, 2010.