IFAD Autos recommends 21pc cash, 5pc stock dividend

| Updated: October 24, 2017 16:15:41

IFAD Autos recommends 26pc dividend

The board of directors of IFAD Autos Limited has recommended 21 per cent cash dividend (other than sponsors/directors) and 5.0 per cent stock dividend for all shareholders for the year ended on June 30, 2017, said an official disclosure on Thursday.

The final approval of dividend will come during the Annual General Meeting (AGM) scheduled to be held on December 10 at 3.30pm at Samarai Convention Centre at Panthapath in Dhaka.

The record date for entitlement of dividend is on November 12, 2017.

The company has also reported earnings per share (EPS) of Tk 6.74, net asset value per share (NAV) per share of Tk 38.61 and net operating cash flow per share (NOCFPS) of Tk(7.99) for the year ended on June 30, 2017 as against Tk. 3.83 (restated), Tk. 33.57 (restated) and Tk. (11.73) (restated) respectively for the same period of the previous year.

In 2016, the company disbursed 13 per cent cash and 4.0 per cent stock dividend for the year ended on December 31, 2016. In 2015, the company disbursed 7.0 per cent cash and 30 per cent stock dividend.

There will be no price limit on the trading of the shares of the company today (Thursday) following its corporate declaration.

Each share of the company, which was listed on the Dhaka bourse in 2015, hovered between Tk 156.50 and Tk 162.40, before closing at Tk 161 each on Tuesday, advancing 2.94 per cent over the previous session.

The company’s share trading was suspended on Wednesday due to record date for entitlement of rights shares The company’s rights shares subscription will take place between November 19 and December 14.

The company’s paid-up capital is Tk 1.55 billion and authorised capital is Tk 3.0 billion while total number of securities is 155.48 million.

Sponsor-directors own 62.77 per cent stake in the company, while institutional investors own 20.60 per cent, foreign investors 1.47 per cent and the general public own 15.16 per cent as on September 30, 2017, the DSE data shows.

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