Independent director appointed at NTC

The Bangladesh Securities and Exchange Commission (BSEC) has appointed an independent director at state-owned National Tea Company (NTC) for improving corporate governance.

The newly appointed independent director is Mizanur Rahman Khan, former divisional special judge, Dhaka, according to a notice sent to the company by the securities regulator on February 17.

The appointment was made in response to the company’s application for including an independent director on the board.

As per the recent BSEC directive that says if the sponsors or directors of any listed company failed to jointly hold minimum 30 per cent shares of the paid-up capital of a company, will appoint independent directors subject to prior approval of the BSEC.

Of the total company’s total stake, the sponsors or directors hold 48.60 per cent, institutional investors 8.55 per cent, general public 38.52 per cent as of January 31, 2022.

On Sunday, NTC’s share price closed at Tk 827, gaining 0.73 per cent over the previous day on the Dhaka Stock Exchange.

The company’s earnings per share (EPS) stood at Tk 8.66 in July-December 2021, up from Tk 2.41 recorded during July-December 2020.

Its net operating cash flow per share was Tk 11.32 as against Tk 26.32 during the period.

The company’s net asset value (NAV) per share was Tk 91.93 as of December 31, 2021.

Listed in 1997 in the food and allied sector, the company disbursed a 10 per cent dividend for the year ended on June 30, 2021.

The company’s paid-up capital is Tk 66 crore and authorised capital Tk 25 crore.