The fourth annual general meeting (AGM) of Maksons Spinning Mills Limited has approved 15 per cent stock dividend for the year 2007-2008.

The AGM was held in the city Sunday. Chairman of the company Abdul Ali presided over the AGM, said a press release.

Members of the board of directors of the company and a large number of shareholders were present at the meeting.

The meeting unanimously decided to raise the authorised capital of the company from Tk 500 million to Tk 1.0 billion after getting approval of the authorities concerned.

The audited reports and directors' report for the year 2007-2008 were discussed and passed unanimously at the AGM.

The AGM was told that the company earned net profit before tax Tk 73.50 million during the year 2007-2008 despite adverse circumstances that prevailed in the textile sector, the release added.