The board of directors of S Alam Cold Rolled Steels Limited has recommended 17 per cent cash dividend for the year that ended on September 30, '08.
The board has also decided to issue rights shares 2:1 (one rights share for every two shares) at face value subject to approval of the shareholders at an EGM of the company as well as that of the authorities concerned.
The AGM and EGM of the company will be held at the Engineers' Institute, Chittagong at 11am and 11:30am respectively on March 30, '09. The record date is March 10, '09 (if the Eid-e-Miladunnabi holiday falls on that day upon appearance of moon, then the record date shall be March 11, '09.
Another record date for entitlement of rights share will be announced after obtaining approval from the SEC. In addition to above, the board has also decided to set up a medium size power generation plant in Chittagong by formation of a company under the name and style of S Alam Power Generation Limited.
S Alam Cold Rolled Steels Limited will hold 70 per cent of the equity of the stated company. The proceeds of the rights shares would be used for financing of S Alam Power Generation Limited.
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