ACI to pay dividends to shareholders despite losses
Stocks
Advanced Chemical Industries (ACI) Ltd has decided to pay 100 percent cash and recommended 15 percent stock dividends for its shareholder in the last fiscal year, despite incurring a loss of Tk74 crore.
ACI officials have informed that the dividend is being provided from the retained earnings of the company.
The annual general meeting of the company will be held on December 23 whereas the record date is December 3.
The company has incurred a loss of Tk14.87 per share, having a net asset value of Tk196.59 per share in the last fiscal year. The reserve money of the company is Tk1000 crore.
The shareholders got 115 percent cash and 3.50 percent stock dividends in the 2017-18 fiscal year when ACI made a profit of Tk52 crore. The company made the highest profit – Tk288 crore – in 2015.
Company Secretary of ACI Mostafizur Rahman told The Business Standard that increasing interest rate of bank loans, the price hike of raw materials in the international market, rising tax expenses and declining profit of its subsidiaries of the company caused the loss.
A high official of ACI said ACI Logistic Limited's supermarket chain Shwapno is facing huge losses and owe a huge amount of loans.
The price of each ACI share was Tk229 at Dhaka Stock Exchange on Monday declining Tk8.80.
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