BSEC reduces Monno Agro’s stock dividend to 22pc

Business Report :

The Bangladesh Securities and Exchange Commission (BSEC) has reduced Monno Agro and General Machinery’s stock dividend payment to 22per cent from 25per cent.

In a price-sensitive information disclosure, Monno Agro said the commission on 12 December approved a 22per cent stock dividend for year 2023-24 ended on 30 June 2024 although the company’s board of directors had proposed a 25per cent stock dividend.

The record date for entitlement to the regulator-approved dividend has been fixed for 22 December.

The dividend is subject to approval by shareholders at the upcoming annual general meeting (AGM) scheduled for 28 December.

According to disclosures published in November, Monno Agro had recommended a 25per cent stock dividend to utilise the retained amount as capital, with the dividend declared from its accumulated profits.

Previously, the company paid a 3per cent cash and a 32per cent stock dividends for FY23. Then, the 32per cent stock dividend was issued to meet the regulator’s requirement, as the company’s paid-up capital was below Tk30 crore.

Currently, its paid-up capital is Tk3.60 crore with 36.06 lakh shares, according to the Dhaka Stock Exchange (DSE).

According to price-sensitive information, Monno Agro’s net profit for FY24 slightly declined by 2.19per cent.

At the end of FY24, its net profit after tax fell to Tk77.37 lakh, compared to Tk79.11 lakh in the previous fiscal year.