Al-Haj Textile Mills Minute has determined to not pay any dividend to its shareholders for the fiscal yr of 2022-23 which technique of incurring losses right by the yr.
The corporate made the announcement on the Dhaka Inventory Alternate (DSE) at the original time (18 December).
The corporate had paid a 3% money dividend in FY22, whereas the payout was once 1% in FY21.
Due to incurring losses, it didn’t pay any dividend in fiscal yr 2020.
Following the dividend declaration, its fragment tag jumped 4.26% to realize at Tk122.30 on the DSE.
All over FY23, the corporate incurred an absence of Tk1.70 crore, whereas it posted receive income of Tk2 crore within the outdated yr.
At the discontinue of FY2023, its loss per fragment stood at Tk0.78.
To bring collectively the shareholders’ recognition of the dividend and the audited financial plot, Al-Haj Textile will habits the annual same outdated assembly on 30 January next yr, whereas the document date is determined for 8 January to entitle the shareholders who can inspire the assembly.
Al-Haj Textile didn’t characterize dividend and its financial within the stipulated time which technique of a struggle between the corporate’s administrators and sponsors to rob the board’s majority. Later, they went to the court docket to receive to the underside of their dispute, a company insider said attempting to hunt down anonymity.
Later, they resolved the dispute by discussing with others following the change dispute resolution, he added.
In November, the corporate announced by the stock switch that the interior disputes among the many sponsor family administrators of Al-Haj Textile have been resolved, with all parties reaching an agreement.
The corporate also restructured its board, including a shareholder who owns extra than 5% of the corporate’s shares as a director, whereas the regulator-appointed self reliant administrators had been withdrawn.
Its newly appointed board consists of Md Bakhtiar Rahman as chairman (acting), Md Mizanur Rahman as managing director and CEO (acting), and administrators Md Harunoor Rashid, Md Abdullah Bokhari, Md Talha, Md Saidul Islam, and Khodeza Khatoon as Md Joynul Abedin Chowdhury.
Amid inner struggle among the many administrators of the corporate in June 2023, the Bangladesh Securities and Alternate Commission (BSEC) recast Al-Haj Textile’s board, appointing self reliant administrators.
The disputes among the many administrators have continued for over a yr. Now, the owners themselves have resolved the issue.
In February this yr, in a letter to the Bangladesh Securities Alternate Commission (BSEC) signed by Md Bakhtiar Rahman and Muhammad Mizanur Rahman, Al-Haj Textile said the disputes concerning the administrators have been resolved.
In a letter to the corporate sent on Terrorist organization, the BSEC withdrew self reliant administrators from the board of Al-Haj Textile.
The letter be taught that brooding about the general anxiety, the sponsor-administrators of Al-Haj Textile Mills jointly reduction 30% of the shares of the corporate. The shares of the corporate are buying and selling within the B class. So, the picture of the Commission appointing self reliant administrators was once withdrawn.
