ICB pays govt highest-ever dividend of Tk 598.07m - Share market analysis of dhaka stock exchange, Bangladesh

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18 February, 2016 10:59 AM Source: The Financial Express Bangladesh

The state-owned ICB paid Tk 598.07 million to the public exchequer in the form of dividend for fiscal year (FY) 2014-15, which is its highest-ever payment so far.
The Investment Corporation of Bangladesh (ICB) gave the dividend at the rate of 35 per cent cash to the exchequer, below by 10 percentage point than FY 2013-14.
But the amount, received by the government, rose significantly following issuance of right shares in 2014. ICB issued right shares worth Tk 10.54 billion in September 2014.
The organisation paid more than Tk 510 million in 2013-14 to the exchequer as dividend.
Finance Division officials said ICB along with its 24 subsidiaries earned higher net profit in 2014 than the corresponding year. But it paid 10 per cent less dividend in the year under review for investing the profit for development of the capital market.
ICB Managing Director Md. Iftikhar-uz-zaman told the FE: "We've disbursed Tk 2.80 billion for FY 2014-15, which is just equal to that of the previous year."
He said ICB wants to take part in the capital market development by investing around Tk 1.2 billion this year.
"We've consulted the issue with the shareholders, and they've agreed to pay dividend keeping the amount of 2013-14."
He said they would have required around Tk 4.0 billion, if the orgnasation had announced 45 per cent cash dividend for the year.
ICB Chairman Dr. Mojib Uddin Ahmed said: "We've kept the money for business purposes."
The corporation has reported Tk 4.39 billion consolidated net profit after tax, consolidated EPS (earning per share) of Tk 7.66, and consolidated NAV (net asset value) of Tk 69.20 per share.
ICB is a statutory company of the government, established in October 1976. Classification of shareholders, as on 30 June 2013, shows that the government holds 170.8 million shares or 27 per cent of the shares of ICB.
It is mainly an investment bank, established to accelerate the pace of industrialization and develop a sound securities market in the country. 

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