IBN SINA holds 38th AGM

The IBN SINA Pharmaceutical Industry PLC held its 38th Annual General Meeting online on Monday (31 October).

The chairman of the company Janab Kazi Harun or Rashid presided over the meeting, reads a press release.

A large number of shareholders, Managing Director Prof Dr AKM Sadrul Islam including other directors, Chairman Audit Committee, Chairman NRC, Statutory Auditors, Compliance Auditors, Independent Scrutinizer and Company Secretary also attended the virtual AGM. 

The meeting started at 9:30am by recitation from the Holy Quran.

The Directors' Report, Auditors' Report and Audited Financial Statements were presented in the AGM for the Financial Year, 2021-22.

The AGM approved 60% cash dividend after evaluating the financial report for the Year-2021-22 of the Company.

Prof Dr AKM Sadrul Islam, Managing Director, delivered his speech and also replied to the shareholders' various questions.

Kazi Harun or Rashid and Prof Dr AKM Sadrul Islam were re-elected as director by rotation.

For better management and to ease the operation of natural medicine production and sustainable growth of the Company, the AGM approved the transfer of net assets of the natural medicine division of the company to the subsidiary company "The IBN SINA Natural Medicine Ltd" as a "Special Resolution".

The company had made a significant contribution in the year under review towards the National Exchequers by paying Tk1,78,95,84,826/- (One Hundred Seventy Eight Crore Ninety Five Lac Eighty Four Thousand Eight Hundred and Twenty Six) as Income Tax, VAT and other applicable Taxes.

As per Bangladesh Labour Laws, company has transferred 5% of the profit i.e. Tk.4,03,41,605/- (Four Crore Three Lac Forty One Thousand Six Hundred and Five)  to the Workers' Profit Participation Fund (WPPF).