Esquire Knit recommends 15% cash dividend

Esquire Knit Composite Ltd has recommended a 15% cash dividend to its shareholders for the year ended on 30 June, 2020.

The payout was recommended at the company's board meeting on Tuesday afternoon.

The approval of the dividend is due to be finalised at a virtual annual general meeting slated for 11 February. The record date is set as 10 December.

According to the price-sensitive information released by the company, it reported earnings per share (EPS) of Tk1.97 as of June 2020, which was Tk3.37 in the previous financial year.

The company's EPS fell by 42% compared to the previous year.

Company officials said in the financial statement that the EPS fell in the last financial year due to the 66-day countrywide general holiday imposed to curb the novel coronavirus outbreak. The company incurred losses in the fourth quarter of the last financial year.

The company paid a 15% cash dividend to its shareholders for the 2018-19 financial year.

The closing price of the company's shares was Tk29.40 per share on Tuesday at the Dhaka Stock Exchange. The maximum price shot up to Tk34.60 per share.

The company was listed with the Dhaka Stock Exchange in 2019 and its paid-up capital stands at 134.89 crore.

Sponsors and directors jointly own 46.95% of the company's shares while institutional investors and general investors hold 40.67% and 12.38%, respectively.