Investment Corporation of Bangladesh (ICB) approves 5% cash, 5% stock dividends for 2021-22

Photo: PR

The 46^th Annual General Meeting (AGM) of the Investment Corporation of Bangladesh (ICB) was held Wednesday (28 December) through digital platform, reads a press release.

The meeting was presided over by Prof Dr Md Kismatul Ahsan, chairman, Board of Directors of the corporation.

Md Abul Hossain, managing director of ICB and other Directors of ICB attended the meeting. A significant number of shareholders also attended the meeting.

The shareholders were informed about the various aspects of the Annual Report and Audited Accounts of ICB for the year 2021-2022. They expressed their satisfaction with the performance of ICB and its pivotal role during the critical period of the capital market. 

During FY2021-2022, ICB earned solo and consolidated (with subsidiaries) net profit of Tk113.26 crore and Tk144.57 crore respectively.

The shareholders approved the annual accounts and the dividends of 5% cash & 5% stock, as recommended by the Board of Directors of the corporation for the year 2021-2022, adds the release.

The corporation declared 11% cash dividend in the year 2020-2021.

During the period under review, the corporation made cumulative investment of Tk13,973.73 crore in the capital market.

The corporation recovered an amount of Tk1,295.79 crore on account of dividend, margin loans, project loans and other loans/advances.

During the period, the total transactions of ICB and its subsidiary companies in both the bourses was Tk32,825.51 crore which is 57.86 percent more than that of Tk20,794.56 crore conducted in the previous year.

The corporation also declared a dividend for its Unit Fund at Tk42 per unit which is highest in the mutual fund industry in Bangladesh for the year under review.

The shareholders widely appreciated the pivotal role played by the corporation to regain confidence of the investors during the share market debacle and maintaining stability in the market. They also noted with satisfaction the significant achievement and growth of business of the corporation.

They appreciated the important role played by ICB and its subsidiaries in maintaining depth, stability, reliability, and liquidity of the stock market as well as in maintaining a buoyant and effective capital market in the country. They however, stressed the need to maintain the tempo of reforms and present trend of improvement and proposed valuable suggestions on various aspects of the corporation's activities.

Chairman of the Board of Directors and Managing Director of ICB acknowledged with gratitude the co-operation and support received from the valued shareholders, Ministry of Finance,  Bangladesh Bank, Bangladesh Securities and Exchange Commission, Stock Exchanges, Central Depository BangladeshLimited  and other stakeholders.

The meeting also put in the record the outstanding services rendered by the employees of the corporation for its development as a prime institution in the country.