Bashundhara Paper Mills Limited (BPML) has approved 10 percent cash dividend for its shareholders in capital market for audited fiscal year 2018-19 ending on June 30.
Board of Directors gave the approval of the dividend at the 27th Annual General Meeting (AGM) held on virtual platform on Thursday.
BPML, a venture of Bashundhara Group, made flying debut in the country’s two bourses in Dhaka and Chattogram being turnover leader in July 2018 with issue price of Tk 80.
The company reported earnings per share (EPS) at Tk 1.64 for the last fiscal. During the period, the company earned net profit Tk 285.83 million after contributing Tk 721.54 million to the national exchequer in the audited fiscal year 2019-20, according to annual report of the company.
Chaired by Bashundhara Group Senior Advisor AR Rashidi, the AGM was participated by BPML Independent Director Khawaja Ahmedur Rahman and Directors Imrul Hassan and Nazmul Alam Bhuiyan from Bashundhara Industrial Headquarters-2 in the capital.
Expressing satisfaction over the dividend, virtually connected shareholders termed 10 percent cash dividend a positive sign of the company’s growth despite adversities unleashed by the corona pandemic.
Except entrepreneur, directors and IPO participants, all general shareholders are subjected to the dividend.
Out of 100 paper mills, 41 are operational with an investment of Tk 700 billion generating employment of 2 million people.
BPML dominates hygiene product market with 75 percent stake increasing annual production in three units which are enriched with modern technology.
Addressing the AGM, Senior Advisor AR Rashidi said BPML leads market of paper and paper-related products despite serious competition.
“Bashundhara constitutes 30 percent of the market share of the paper sector. The company exports papers to 30 countries maintaining quality and standard. To nullify the drawback caused by coronavirus pandemic, the company has taken various initiatives. The country’s annual demand for tissue is around 36,000 metric tons and Bashundhara Tissue meets 75 percent of the local demand,” AR Rashidi said.
Mentioning corporate social responsibilities, Bashundhara Tissue distributed facial masks and hygiene products among masses winning wide appreciation, he added.
The detrimental effect of corona on the business sector has broken all previous records of the century, he said, adding the paper sector is not an exception.
“The paper industry is exposed to great challenge even in its peak season amid pandemic. The retail sale has fallen due to closure of educational institutions. Despite the fact, Bashundhara Paper has kept the business stable with time-befitting strategies and efficient management. The company keeps supply chain active introducing innovative products,” he said.
Among others, BMPL Deputy Managing Director Mustafizur Rahman, Chief Financial Officer Mirza Mujahidul Islam, Accounts Head Kamrul Hasan and Company Secretary M Mazedul Islam were present on the occasion.
The company’s paid-up capital is Tk 1.73 billion and authorised capital Tk 5.0 billion. Besides, number of securities is 173.79 million.
BDST: 2045 HRS, DEC 24, 2020
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