PLFSL approves 75pc stock dividend, 2:1 rights offer****

The 15th annual general meeting (AGM) of People's Leasing and Financial Services Limited (PLFSL) has approved 75 per cent stock dividend and 2:1 rights shares (one rights share for existing two shares at Tk 25 with a premium of Tk 15 per share) for the year that ended on December 31, 2010. The AGM was held in the city Monday. Chairman of the company Motiur Rahman presided over the meeting, said a press release. Directors of the company and a large number of shareholders both from sponsor and public shareholders attended the meeting. In his presidential address, the chairman welcomed the shareholders and placed the Annual Report of the company containing the Directors Report, Financial Statements and Business activities for the financial year that ended on December 31, 2010 before them. The chairman told the AGM that despite high inflation in the economy, adverse challenges and tight monetary market the company achieved sustainable growth and executed an amount of Tk 5,499.16 million in lease and loan during the year that ended on December 31, 2010 and PLFSL earned an operating profit of Tk 1,385.60 million. He also told the AGM that the authorised capital of the company had been raised from Tk 1.0 billion to Tk 3.0 billion. The company has issued Preference Shares of Tk 1.20 billion that has been converted into share capital, he said. The chairman also assured the shareholders that the management would continue to work hard to achieve better result in 2011.