Titas Gas declares 25pc cash, 10pc stock dividends
Sunday, 24 October 2010
FE Report
State-owned Titas Gas Transmission and Distribution Company Ltd (TGTDCL) will lose 10 per cent of its total market share due to transfer of its Brahmanbaria and Ashuganj units to Bakhrabad Gas Systems Limited (BGSL), a top official of the company said.
The TGTDCL's annual revenue would also shrink by over 10 per cent after the transfer or sale of its assets of Brahmanbaria and Ashuganj units to the BGSL, said the TGTDCL official.
The company would get Tk 12.07 billion to its coffer on completion of the transfer of two units to the BGSL, he said.
The transfer of the TGTDCL's assets will come into effect after the decision is approved at the company's next extraordinary general meeting (EGM) to be held on November 27 next.
The cost price and the written-down value of the assets of Brahmanbaria and Ashuganj units are Tk 411.2 million and Tk 110.3 million respectively as on June 3, 2010.
The board of directors of the company in a meeting recommended 25 per cent cash and 10 per cent stock dividends for the shareholders of the company for the year that ended on June 30, 2010.
The recommendation on cash and stock dividends will be placed at the company's 29th annual general meeting (AGM) to be held at the city's Officers Club on December 28 next for final approval.
State-owned Titas Gas Transmission and Distribution Company Ltd (TGTDCL) will lose 10 per cent of its total market share due to transfer of its Brahmanbaria and Ashuganj units to Bakhrabad Gas Systems Limited (BGSL), a top official of the company said.
The TGTDCL's annual revenue would also shrink by over 10 per cent after the transfer or sale of its assets of Brahmanbaria and Ashuganj units to the BGSL, said the TGTDCL official.
The company would get Tk 12.07 billion to its coffer on completion of the transfer of two units to the BGSL, he said.
The transfer of the TGTDCL's assets will come into effect after the decision is approved at the company's next extraordinary general meeting (EGM) to be held on November 27 next.
The cost price and the written-down value of the assets of Brahmanbaria and Ashuganj units are Tk 411.2 million and Tk 110.3 million respectively as on June 3, 2010.
The board of directors of the company in a meeting recommended 25 per cent cash and 10 per cent stock dividends for the shareholders of the company for the year that ended on June 30, 2010.
The recommendation on cash and stock dividends will be placed at the company's 29th annual general meeting (AGM) to be held at the city's Officers Club on December 28 next for final approval.