ICB holds 41st AGM

The 41st Annual General Meeting (AGM) of Investment Corporation of Bangladesh (ICB) was held Saturday at Hotel Purbani International Ltd.

The meeting was presided over by Prof. Dr. Mojib Uddin Ahmed, Chairman, Board of Directors of the company.

The meeting was attended by Managing Director of ICB Kazi Sanaul Hoq and other directors.

A large number of shareholders attended the meeting and took part in the discussions.

The shareholders discussed various aspects of the Annual Report and Audited Accounts of ICB and its subsidiary companies for the year 2016-2017, said a statement.

During FY 2016-2017, ICB earned solo and consolidated (with subsidiaries) net profit of Tk 3.68 billion and Tk. 4.61 billion respectively.

The shareholders approved 35 per cent (30 per cent cash and 5.0 per cent stock) dividend for the year 2016-2017.

Earlier ICB, the largest institutional investor of the stock market had declared dividend for its Unit Fund @ of taka 45.00 per Unit Certificate.

During the period under review, the company sanctioned financial assistance of Tk. 26.58 billion in the form of Pre-IPO placement, debentures, equity participation, lease financing and investment in bonds and made cumulative investment of Tk. 121.87 billion in the capital market which was 34 per cent higher than the previous year's amount of Tk. 908.5 billion.

The Corporation also acted as Trustee to the issue of 5 bond of Tk. 10.25 billion during 2016-2017. The Corporation recovered an amount of Tk. 8.08 billion on account of dividend, margin loans, project loans and other loans/advances.

During the period, the total trading of ICB and its subsidiary companies in both the bourses was Tk. 210.28 billion which is 83.61 per cent higher than that of total traded volume Tk. 114.52 billion of both the bourses of the country from last year.

Like in the previous year, ICB and it's subsidiaries retained top positions in asset management and trustee activities.