S Alam Cold Rolled Steel approves 10pc stock, 5pc cash dividend

CHITTAGONG, March 30: S. Alam Cold Rolled Steels Ltd has approved 10 per cent Stock and 5 per cent Cash dividend for its shareholders for the year 2010. By earning a net profit after tax payment worth Tk 143.45 million for the year ended on 30 September 2010 as against Tk 116.55 million in the previous year, the company recorded 23 per cent increase in its net earning for the year. The dividends were approved at the 10th annual general meeting of the company held at a hotel in the city Wednesday morning. Shareholders in their discussion in the AGM expressed satisfaction over the performance of the company. Osman Gani, a director from Sponsor Group who retires by rotation, was re-elected in the meeting. Moreover, Md Iftekhar-uz-Zaman, ICB nominee, was elected uncontested as a director representing Institutional Investors' Group and AKM Ali Zohar ACMA was elected on contest as a director representing General Investors' Group, while with due clearance from the SEC, Ms Hoda Vasi Chowdhury & Co., Chartered Accountants, has been re-appointed as the auditors of the company for the next term. In addition, unanimous consent of the company for extension of the tenure of the managing director for a further term of five years was also accorded. With Md Iftekhar-uz-Zaman in the chair, Md Saiful Alam, managing director, Osman Gani, director and AKM Ali Johar, director and a large number of shareholders attended the AGM. - Our Correspondent