Western Marine AGM approves 15 per cent dividend

CHITTAGONG, Dec 22: The 14th annual general meeting (AGM) of Western Marine Shipyard Ltd was held at Chittagong Boat Club Convention Centre here on December 21. A large number of shareholders attended the meeting, where 15% (10% stock, 5% cash) dividend was approved for the fiscal year (FY) 2013-2014.
The meeting was presided over by chairman of the company Md Saiful Islam while its managing director Md Sakhawat Hossain, directors Arifur Rahman Khan, Capt A B M Fazle Rabbi, Abu Md Fazle Rashid, Monzur Morshed Chowdhury, Mohammed Abdul Mobin, Saeedul Islam and Shah Alam, independent directors Syed Nasim Manzur and Engr Mostafizur Rahman, chief financial officer Subash Chandra Chowdhury FCA and company secretary H M Ashraf-uz-zaman ACA attended the meeting.
Saiful Islam mentioned about the unfavourable market position for shipbuilding all over the globe. Despite the fact that many shipyards had to shut down in different parts of the world Western Marine was successful in making a steady profit because of the strong policymaking in the management system.
Sakhawat Hossain discussed the future plan of the company. He said that the shipyard is browsing for more orders in the African market which is very opportune at the moment and few orders have already been secured from Africa. Further, the economic condition in Europe is getting better and they are demanding different ships once again and the shipyard has already entered into the Pacific zone by securing order from New Zealand.
He mentioned that the company made a profit of Tk 149.74 million after tax for the FY 2013-2014 compared to Tk 134.89 million of previous fiscal (2012-2013).
Western Marine Shipyard Limited secures its place in "N" category according to Dhaka Stock Exchange Ltd and Chittagong Stock Exchange Ltd categorisation based on its inception in the capital market of Bangladesh. The contribution of Western Marine Shipyard Limited to national economy is notable thanks to its involvement in mass employment, backward linkages and in developing a better image of the nation from export diversification, a statement of the WMS said.
Being a leading shipbuilder in Bangladesh Western Marine is involved in quality shipbuilding for foreign buyers. It has been accredited with ISO 9001:2008 for assuring the best quality, ISO 14001:2004 for favourable workplace environment and OHSAS 18001:2007 for health and safety issues.
During the discussion the shareholders expressed their satisfaction over the growth of the company and urged the management to continue the positive trend so that the company could offer more dividends in future. They also put forward some positive suggestions for the betterment of the company.
Finally chairman of the meeting Saiful Islam thanked all shareholders and well-wishers for their past contribution and sought their co-operation to ensure further progress.