Matin Spinning to install 3 generators
The company recommends 17pc cash div
FE Report | Tuesday, 6 November 2018
The board of directors of Matin Spinning Mills has approved a proposal of purchasing three gas generators for increasing captive power generation and saving power cost.
Total cost of generators and installation cost is estimated at Tk 231 million, according to an official disclosure on Monday.
After installation of the new generators, the company is expected to save Tk 75 million (approximately) per year, the disclosure said.
The board of directors of the spinning company has also recommended 17 per cent cash dividend for the year ended on June 30, 2018.
The final approval of dividend will come during the annual general meeting (AGM) scheduled to be held on December 13. The record date is on November 29.
The company has also reported earnings per share (EPS) of Tk 3.10, net asset value (NAV) per share with revaluation reserve of Tk 43.63, and net operating cash flow per share (NOCFPS) of Tk 5.64 for the year ended on June 30, 2018 as against Tk 2.68, Tk 41.99 and Tk 2.50 respectively for the same period of the previous year.
The company, which was listed on the Dhaka bourse in 2014, disbursed 15 per cent cash dividend in 2017.
Each share of the company closed at Tk 39.10 Monday, losing 6.0 per cent over the previous day.