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Summit Alliance Port approves 12% cash dividend

TBP Desk
02 Jan 2024 19:03:08 | Update: 02 Jan 2024 19:03:08
Summit Alliance Port approves 12% cash dividend
— Courtesy Photo

Summit Alliance Port Ltd (SAPL) — a publicly traded company — conducted its 19th annual general meeting (AGM) on the digital platform, where shareholders approved a 12 per cent cash dividend for the fiscal year 2022–23, along with other agenda items.

In the current FY, SAPL concentrated on enhancing off-dock services and meeting client demands with innovative solutions, despite industry challenges from the pandemic, Russia-Ukraine war, and the recent Palestine-Israel conflict, leading to global inflation and recession, read a press release.

Given the negative macro-economic environment, under the able leadership of Muhammmed Aziz Khan and Jowher Rizvi, the management of SAPL handled it tremendously well and therefore declared a 12 per cent cash dividend to its shareholders.

SAPL is a “AA2” rated company as per the Credit Rating Agency of Bangladesh (CRAB). Since 2008, SAPL has been consistently offering dividends to its shareholders including the duration of the pandemic.

Presided over by the Muhammed Aziz Khan, Chairman, Summit Group of Companies, the meeting was attended by Jowher Rizvi, Managing Director, SAPL, Yasser Rizvi, Additional Managing Director, Deputy Managing Directors - Nasser Rizvi and Azeeza Aziz Khan ACCA, Directors - Anjuman Aziz Khan, Latif Khan, Ayesha Aziz Khan, Faisal Khan, Syed Fazlul Haque FCA, Abdul-Muyeed Chowdhury and Lutfe M. Ayub. In addition, Independent Directors - Helal Uddin Ahmed,  Anis A Khan, Rear Admiral Riazuddin Ahmed (Retd), Captain Kamrul Islam Mazumder, Director & CEO and Md Abdullah Osman Shajid, Asst General Manager & Company Secretary were also present.

SAPL is the market leader in the off-dock sector in Bangladesh, handling over 25 per cent of the nation’s total export cargo and 15 per cent of the permitted containerized import items.