Zaheen Spinning recommends 15pc stock dividend

Dhaka,  Tue,  26 September 2017
Published : 20 Aug 2017, 12:11:00

Zaheen Spinning recommends 15pc stock dividend

FE Online Report
The board of directors of Zaheen Spinning has recommended 15 per cent stock dividend for the year ended on June 30, 2017, said an official disclosure on Sunday.

The disclosure said in line with the previous resolution adopted in the EGM held on July 16, 2017, the revised rights offer would be for 98,552,700 ordinary shares of Tk 10 each at an issue price of Tk 10 each per share totalling Tk 985,527,000 offered on the basis of 1:1R i.e. one rights share for one existing share held on the record date for entitlement.

Fund to be raised through rights issue will be utilised for the following purposes: expansion of the existing project Tk 766,027,000, working capital Tk 150,000,000, partial repayment of term loan Tk 50,000,000, rights issue expenses (approx) Tk 19,500,000. Total utilisation of the rights issue fund Tk 985,527,000.

While the proposal of rights share is still pending with Bangladesh Securities & Exchange Commission (BSEC) and since the board of directors of the company has recommended 15 per cent stock dividend, paid-up capital will be increased to Tk 985,527,000 subject to approval of shareholders in the annual general meeting (AGM).

The final approval will come during the AGM scheduled to be held on October 5 at 9:00am at Sughandha Community Centre at Dhanmondi in Dhaka.

The record date for entitlement of dividend is September 13.

The company has also reported EPS of Tk. 1.39, NAV per share of Tk. 14.07 and NOCFPS of Tk. 0.75 for the year ended on June 30, 2017 as against Tk. 0.89 (restated), Tk. 12.68 (restated) and Tk. 1.66 (restated) respectively for the same period of the previous year.

Another record date for entitlement of the proposed rights shares will be notified later after obtaining approval from Bangladesh Securities & Exchange Commission (BSEC).

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

Each share of company, which was listed on the Dhaka bourse in 2015, closed at Tk 27 on Thursday last at Dhaka Stock Exchange (DSE.

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