Doreen Power declares 30% dividend

Doreen Power Limited has recommended 12 percent stock dividend for all shareholders and 18 percent cash dividend for shareholders excluding sponsors/directors for the year ended on June 30, 2022.

The dividend payout was recommended at the company’s board of directors meeting recently.

The final approval regarding the dividends will come during the Annual General Meeting (AGM) scheduled for December 18, said the company in a filing with the Dhaka Stock Exchange on Monday.

The sponsors/directors hold 10.77 crore shares out of total 16.17 crore shares and the amount of cash dividend to be payable to the general shareholders is Tk 9.72 crore.

The company has reported EPS of Tk 10.31 and consolidated NAV per share (with revaluation) of Tk 53.15 during the period.

The record date for the distribution of the declared dividend among the shareholders has been fixed as November 6, 2022.

The company has also reported that bonus shares are issued to retain profit for BMRE (Balancing, Modernization, Rehabilitation and Expansion), i.e. major overhauling of two subsidiaries namely Dhaka Southern Power Generations Ltd and Dhaka Northern Power Generations Ltd.

It is also said that bonus shares is declared out of accumulated profit or retained earnings. It is not declared from capital reserve or revaluation reserve or any unrealized gain or out of profit earned prior to incorporation of the company or through reducing paid up capital or through doing anything so that the post dividend retained earnings become negative or a debit balance.