Summit Alliance recommends 12.50 per cent dividend

The board of directors of Summit Alliance Port Ltd has recommended 12.50 per cent cash dividend for the year ended on June 30, 2018, said an official disclosure on Monday.

The final approval of the dividend would come during the annual general meeting (AGM) scheduled to be held on November 10 in Chittagong. The record date is on October 18, 2018.

The company has also reported consolidated earnings per share (EPS) of Tk 0.62, consolidated net asset value (NAV) per share of Tk 24.70 and consolidated net operating cash flow per share (NOCFPS) of Tk 1.07 for the year ended on June 30, 2018 as against Tk 0.67, Tk 25.04 and Tk 1.26 respectively for the same period of the previous year.

Summit Alliance Port, which was listed on the Dhaka Stock Exchange (DSE) in 2008, disbursed 15 per cent cash dividend for the year ended on June 30, 2017.

Despite low dividend recommendation, its share price surged by 5.30 per cent to close at Tk 25.80 each on Monday.

Its share traded between Tk 24.30 and Tk 37.40 each in the last one year.

The company's paid-up capital is Tk 2.23 billion and authorised capital Tk 3.0 billion, while the total number of securities is 223.29 million.

The sponsor-directors own 58.99 per cent stake in the company, institutional investors 10.28 per cent, foreign 3.71 per cent and the general public 27.02 per cent as on August 30, 2018, the DSE data shows.

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