BSEC allows Desh Garments’ 10% stock dividend

The Bangladesh Securities and Exchange Commission (BSEC) has approved Desh Garments Limited to issue a 10 per cent stock dividend to its shareholders for the year ending in June 2022.

Earlier, the garment maker’s shareholders endorsed the issuance of 10 per cent bonus dividend during its recently held annual general meeting (AGM), according to a filing posted on the DSE website Monday.

The company has fixed the record date as January 3, 2023, for the share splits. No company, as per the securities law, can issue bonus shares without availing of the regulatory approval.

It had also been granted for issuing a 3 per cent stock dividend in 2020, a 10 per cent in 2019 and 2018 each, and a 15 per cent in 2017.

Its earnings per share (EPS) fell to Tk 0.13 for the July-September period of 2022 from Tk 0.26 for the same period last year. The listed company’s net asset value (NAV) per share stood at Tk 19.56 till September 2022.

The firm’s paid-up capital currently stands slightly over Tk 7.5 crore.

Listed in 1989, the company’s shares closed at Tk 147.50 per share on the DSE trading floor on Monday.