Apex Tannery recommends 40 per cent cash dividend

The board of directors of Apex Tannery Limited has recommended 40 per cent cash dividend for the year ended on June 30, 2018.

The annual general meeting (AGM) is scheduled to be held on October 8 at 10 am at the Bangladesh Shooting Sports Federation at Gulshan-1 in Dhaka, said an official disclosure on Monday.

The record date for entitlement of the dividend is on September 12.

The company has also reported earnings per share (EPS) without fair valuation surplus of Tk 2.53, net asset value (NAV) per share of Tk 72.24 and net operating cash flow per share (NOCFPS) of Tk 10.28 for the year ended on June 30, 2018 as against Tk 2.95, Tk 73.56 and Tk 2.50 respectively for the same period of the previous year.

In 2017, the company also disbursed 40 per cent cash dividend. The company also disbursed 40 per cent cash dividend in 2016.

Despite dividend recommendation news, the company's share price fell 6.67 per cent to close at Tk 145.50 each on Monday at the Dhaka Stock Exchange.

The Apex Tannery was listed on the Dhaka bourse in 1985.

The company's paid-up capital is Tk 152.40 million and authorised capital is Tk 500 million while the total number of securities is 15.24 million.

The sponsor-directors own 46.33 per cent stake in the company while institutional investors own 11.97 per cent and the general public 41.70 per cent as on June 30, 2018, the DSE data shows.

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