The Financial Express

Oimex Electrodes recommends 10pc stock dividend

| Updated: October 30, 2017 12:01:44

Oimex Electrodes recommends 10pc stock dividend

The Board of Directors of Oimex Electrode, which is still in the pipeline to make its debut in the secondary market, has recommended 10 per cent stock dividend for the year ended on June 30, 2017.

An official disclosure on Sunday shows that the board has also decided to increase the authorised capital of the company from Tk 500 million to Tk 1.0 billion subject to approval of the shareholders in the EGM.

The annual general meeting (AGM) and extraordinary general meeting (EGM) will be held on December 20.

The record date for EGM and AGM is on November 26.

The company has also reported EPS of Tk 2.09, net asset value (NAV) per share of Tk 16.96 and NOCFPS of Tk. 2.52 for the year ended on June 30, 2017 as against Tk. 2.19, Tk. 14.87 and Tk. 0.27 respectively for the same period of the previous year.

It is to be noted that there will be no price limit on the trading of the shares of the company on the first trading day in the exchange following the dividend declaration.

Oimex Electrode, which received regulatory approval for IPO from the Bangladesh Securities and Exchange Commission (BSEC) on May 9, raised Tk 150 million from the public under fixed-price method.

The company will use the IPO fund for procurement of capital machinery, equipment and raw materials.

The company is likely to make its share trading debut this week.

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