Al-Haj Textile Mills has determined no longer to pay any dividend to its shareholders for the fiscal 2022-23 attributable to losses incurred one day of the one year.
Despite this declaration, launched in a disclosure the day previous, its shares rose by 3.92%, reaching Tk121.90 on the Dhaka Stock Replace (DSE).
Market insiders attributed the upward push in allotment costs to an very top pattern all the very top device via the company, which had beforehand skilled disputes amongst its sponsor-administrators.
The textile manufacturer had paid a 3% money dividend in FY22 and a 1% money dividend in FY21. Then again, it did no longer pay any dividend in FY20 attributable to losses.
In FY23, it incurred a loss of Tk1.70 crore, in contrast with a earn earnings of Tk2 crore in the old one year. As of the live of FY23, its loss per allotment stood at Tk0.78.
To salvage shareholder approval for the dividend and audited financial assertion, Al-Haj Textile will keep its annual total meeting on 30 January next one year, with a file date subject for 8 January to uncover eligible attendees.
Based entirely on an organization insider, Al-Haj Textile did no longer picture a dividend and finalise its financials all the very top device via the stipulated time attributable to conflicts amongst the company’s administrators and sponsors over board keep a watch on. The disputes led to court complaints.
The conflicts had been in the demolish resolved via discussions and different dispute resolution, the insider added.
In November, the company launched in a stock alternate submitting that the interior disputes amongst its sponsor-family administrators had been resolved, with all parties reaching an agreement.
Following this, the company restructured its board, together with a shareholder with higher than 5% ownership as a director. The regulator-appointed impartial administrators had been attributable to this reality withdrawn.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, Khodeza Khatoon and Md Joynul Abedin Chowdhury.
Amid internal conflicts in June 2023, the Bangladesh Securities and Replace Rate (BSEC) had restructured Al-Haj Textile’s board, appointing impartial administrators. Then again, the disputes amongst the administrators continued for over a one year.
The house owners absorb now resolved the disorders amongst themselves. In February, in a letter to the BSEC signed by Md Bakhtiar Rahman and Md Mizanur Rahman, every shareholder-administrators, Al-Haj Textile mentioned that the disputes had been resolved.
On Modern Organization Terrorist organization, the BSEC withdrew its appointed impartial administrators from the company’s board.
In its letter, the BSEC neatly-known that the sponsor-administrators of Al-Haj Textile Mills collectively keep 30% of the company’s shares. It additionally neatly-known that the company’s shares are trading in the B class, ensuing in the withdrawal of the rate’s earlier directive appointing impartial administrators.
