Two textile firms allowed to issue stock dividends
The Bangladesh Securities and Exchange Commission (BSEC) has allowed two more textile firms – Desh Garments and Queen South Textile Mills – to raise their paid-up capital through issuing stock dividends.
Earlier, the securities regulator allowed HR Textile to issue stock dividends on the same grounds.
As per the listing regulation of the Dhaka Stock Exchange (DSE), a company needs to have at least Tk30 crore as paid-up capital.
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Desh Garments
In the fiscal 2021-22, Desh Garments recommended a 10% stock dividend for its shareholders.
During the year, the company's revenue jumped by 191% to Tk17.61 crore, compared to the previous year, and its net profit stood at Tk9.52 lakh and earnings per share (EPS) at Tk0.13.
Its paid-up capital is currently Tk7.53 crore, which will increase to Tk8.28 crore after the stock dividend adjustment.
For this, the company has to issue 7.53 lakh ordinary shares at a face value of Tk10 each.
Queen South Textile Mills
Queen South Textile Mills recommended 6% cash and 6% stock dividends for its shareholders for the fiscal 2021-22.
During the year, its revenue increased by 19% to Tk123.39 crore, compared to the previous fiscal, and its net profit stood at Tk4.72 crore and EPS at Tk0.33.
Currently, the company's paid-up capital is Tk143.96 crore, which will increase to Tk152.64 crore after the stock dividend adjustment.
For this, the company has to issue 86.38 lakh ordinary shares at a face value of Tk10 each.
