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Eastern Cables to pay 10pc stock dividend

The company's share price up 1.31pc

FE Report | December 04, 2018 00:00:00

The board of directors of Eastern Cables Ltd has recommended 10 per cent stock dividend for the year ended on June 30, 2018, said an official disclosure on Monday.

The final approval of the dividend will come during the annual general meeting (AGM) scheduled to be held on January 26, 2019.

The state-run company will hold two AGMs -- 31st and 32nd -on January 26, 2019 (as per court order) on the factory premises in Chittagong.

The record date for entitlement of dividend is on December 24.

The company has also reported earnings per share (EPS) of Tk 0.15 in the negative, net asset value (NAV) per share of Tk 30.47 and net operating cash flow per share (NOCFPS) of Tk 2.19 for the year ended on June 30, 2018 as against Tk 1.19, Tk 30.61 and Tk 1.89 respectively for the year ended on June 30, 2017.

In 2017, the company recommended 10 per cent cash dividend for the year ended on June 30, 2017. The company's 31st AGM was suspended as the company failed to maintain maximum 45 working days gap for holding AGM from record date.

Each share of the company, which was listed on the Dhaka Stock Exchange (DSE) in 1986, closed at Tk 200.40 on Monday, gaining 1.31 per cent over the previous day.

The company's paid-up capital is Tk 240 million and authorised capital is Tk 600 million, while the number of securities is 24 million.

The sponsor-directors own 0.01 per cent stake in the company, while government owns 51 per cent, institutional investors own 11.50 per cent and the general public 37.49 per cent as on October 31, 2018.

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