DSE AGM approves 3.0pc cash dividend

December 30, 2020 12:34:00

The Dhaka Stock Exchange (DSE) has approved a 3.0 per cent cash dividend for its shareholders for the year ended June 30, 2020.

The approval came at the bourse’s 59th annual general meeting (AGM) held on Monday through a digital platform, according to a press release.

The shareholders received, considered, and adopted the audited financial statements of the DSE for FY 2019-2020, appointed auditors for the next financial year, and included the newly elected director Md. Siddiqur Rahman.

The AGM was presided over by its Chairman Md Eunusur Rahman while DSE directors Rakibur Rahman, newly elected director Md. Siddiqur Rahman spoke on behalf of the DSE board of directors at the AGM.

Sharif Anwar Hossain, managing director of Shahidullah Securities, Md. Sajedul Islam, managing director of Shyamol Equity Management, Ms Khugesta Nur-E-Naharin, managing director of Modern Securities, Mohammad Shaahed Imran, CEO of NLI Securities, Mostaque Ahmed Sadeque, managing director of Investment Promotion Services, Ahmad Rashid, managing director of Rashid Investment Services, A.S. Shahudul Huque Bulbul, managing director of Bulbul Securities, Ahmadul Hoq, managing director of Prudential Securities and M. Rajib Ahsan, managing director of Greenland Equities, also spoke in the AGM, among others.

The DSE chairman Eunusur Rahman said the country’s capital market is now stable thanks to the government’s policy support, the positive role of the concerned ministries, the Bangladesh Securities and Exchange Commission and stock exchanges relentless efforts, the concentration, and dedication of all market stakeholders and the patience and wisdom of investors.

He said the DSE is working for a completely digital platform in the interest of the capital market as well as investors so that all the stakeholders can be benefited despite many obstacles.

The board of directors has taken a number of initiatives to introduce diversified products for generating DSE’s revenue, he added.

He informed the AGM that API UAT connections have been provided to five TREC holders from DSE. Soon all these companies will be able to start direct trading activities through their own Order Management System (OMS).

The DSE has a plan to gradually bring all the TREC holder companies under this opportunity, he said.

The Central Counterparty Bangladesh Limited (CCBL) has been formed and registered, and its board of directors has also been formed and some important activities have already been started under the board.

Later, DSE Managing Director Kazi Sanaul Hoq answered various questions of the shareholders including DSE tower project and new products.

Meanwhile, the net profit of DSE nosedived in the fiscal year (FY) 2019-20, the lowest since FY 2006-07, due to the higher cost of its Nikunja Tower building, low interest on deposit, and low trading during the Covid-19 outbreak.

The DSE’s profits plummeted by 72 per cent to Tk 270 million in FY 2019-20, from Tk 960 million in FY 2018-2019, according to DSE sources.

The DSE board declared a 3.0 per cent cash dividend for the in FY 2019-20 for its shareholders, also the lowest after the bourse’s demutualisation in 2013.

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