The shareholders of Investment Corporation of Bangladesh (ICB) have approved 100 per cent stock dividend and 10 per cent cash dividend for the FY 2007-2008.
The approval came at the 32nd annual general meeting (AGM) of ICB held at the auditorium of National Sports Council (NSC tower) in the city Tuesday, says a press release.
Commerce Secretary and ICB Chairman Feroz Ahmed presided over the meeting. Managing Director Md Ziaul Haque Khondker and other ICB directors and a large number of shareholders were present at the meeting.
The shareholders discussed at length various aspects of the Annual Report and Audited Accounts as well as the activities of ICB and its subsidiary companies during 2007-2008.
The dividend was 685.71 per cent higher than that of previous year. The ICB, the largest institutional investor had earlier declared very attractive dividends on its Eight Mutual Funds and on the Unit Fund, including 265 per cent on the ICB First Mutual Fund, which was the highest cash dividend in the country.
ICB earned a net profit of Tk 1.012 billion in 2007-08 as compared to net profit of Tk 300.23 million earned in 2006-07.
During FY 2007-2008, the ICB continued to extend financial assistance to projects by purchasing shares, bonds, debentures and preference shares and by providing advance against equity and lease finance.
During the year it assumed the responsibility of trustee to the issue of bonds of two companies of Tk 4.00billion and of trustee and custodian to the issue of three Mutual funds of Tk 1.40 billion.
The corporation recovered an amount of Tk 6.3519 billion in respect of margin loans, project loans and other loans/advances which was 83.00 per cent more than that of the previous year.
Under the Investors' Account Rehabilitation Scheme, up to June 30, 2008 the corporation rehabilitated 18,607 investment accounts, which suffered huge losses due to the abnormal stock market situation in 1996-1997.
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