Home ›› 18 May 2023 ›› Stock
The securities regulator Bangladesh Securities and Exchange Commission (BSEC) turned down a six per cent stock dividend announced by Dhaka Bank for the year ending in December 2022.
The stock regulator rejected the bank’s proposal for the issuance of bonus share at a recently held commission meeting, while the commission gave the green signal to a proposal of 10 per cent stock dividend of First Security Islami Bank.
Following the approval, the Shariah-compliant bank will disburse a 10 per cent stock dividend to its shareholders for the year ending in December 2022, and its record date for the share entitlement will remain unchanged at May 21, as per a filing posted on the Dhaka Stock Exchange (DSE) website on Wednesday.
The board of directors of First Security Islami Bank had recommended a 10 per cent stock dividend for its shareholders for the year ending in December 2022.
On the other hand, the board of Dhaka Bank had declared total 12 per cent dividend, with 6 per cent to be paid in cash and 6 per cent in stock for the year ended in December 2022.
As per securities law, a listed company must take prior approval to issue any bonus share.
