SAIF Powertec declares 10% dividend

The Board of Directors of SAIF Powertec Limited has recommended a 5 percent cash and 5 percent stock dividend for the 2019-20 fiscal year. 

An annual general meeting of the company is scheduled to take place on December 29. 

The company also reported consolidated earnings per sharing (EPS) of Tk 1.14 and consolidated net asset value (NAV) per share of Tk 16.63 for 2019-20 FY, against Tk 1.50 and Tk 16.82 respectively for the same period of last fiscal year. 

It also declared the consolidated net operating cash flow per share (NOCFPS) of Tk 3.40 against Tk 5.38.

Regarding the bonus share, the company said that the bonus shares “has been recommended in view to utilise its retained amount as capital for further business expansion, and is declared out of accumulated profit.”

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

Following the corporate declaration, there will be no price limit on the trading of the shares of the company. However, the floor price set by the Bangladesh Securities Exchange Commission (BSEC) will be applicable accordingly.