UGSFL approves 11pc cash, 10pc stock dividend

Our Correspondent
CHITTAGONG, Dec 28: The Usmania Glass Sheet Factory has approved 11% cash and 10% stock dividend for the year 2013-14 with cheers from the shareholders.
The shareholders expressed their satisfaction and thanked the board of directors and company management on evaluation of the company's activities such as production, sales and profitability.
28th annual general meeting (AGM) of the factory was held Friday morning in the company's registered office at Kalurghat Industrial Area with chairman of BCIC (Bangladesh Chemical Industries Corporation), also chairman of the UGSFL Mohammed Iqbal in the chair.
Board of directors of the UGSFL Md Abul Kashem, Md Abdul Hye, Dilip Kumar Saha, Md Sadeque, Md Bin Mansur, Siraj Uddin Haider and Habibur Rahman, director(independent) Md Rafiqul Islam, Abu Rusaed Wasel, Kazi Md Mortuza Ali, managing director Md Zahedul Bari, company secretary Md Askander Mirza and other BCIC officials and invited guests attended the meeting.
The chairman presented the directors' report for the financial year 2013-14 in presence of a large number of shareholders. The chairman, directors and managing director of the company replied to queries of the shareholders regarding audited accounts. Thereafter the directors' report, audited accounts and report thereon for the financial year 2013-14 were adopted unanimously at the AGM.
During the fiscal year 2013-14 the UGSFL produced 21.645 million square feet (sft) glass sheet against the target of 22.80 million sft. The company sold 21.652 million sft of glass sheet against the target of 22.80 million sft.
During the said financial year the company earned after-tax net profit of Tk 39.189 million. According to Company Act 1994, amongst the directors from "A" group Dilip Kumar Saha retired and re-nominated. From group "B" Mohammad Sadeque and Mohammad bin Manjur also retired and and Mahbub Hossain and Mohammad bin Manjur were elected in the AGM. (the end) dt 28.12.14.