Himadri declares record 710% dividend for FY23

Himadri Limited, a concern of the Ejab Group, has declared the highest-ever dividend — 700% stock and 10% cash — for the 2022-23 fiscal year.

In a stock exchange filing on Sunday, the company stated that it has declared the stock dividend from its retained earnings, not from capital reserve or revaluation reserve.

As per the recommended stock dividend, each shareholder will get seven new Himadri shares against each existing share of the company. Also, the company's paid-up capital will become seven times of its existing Tk75 lakh.

The dividend payout, however, is subject to approval by the shareholders and the stock market regulator.

For shareholders' approval of the declared dividend, the company has scheduled an annual general meeting on 14 December. The record date has been fixed on 16 November.

Himadri's shares are currently the most expensive ones on the stock market. On Sunday, their price ranged from Tk5,720 to Tk10,000 apiece during the trading session on the SME platform of the Dhaka Stock Exchange (DSE). Finally, they closed at Tk8,450 each.

Himadri Limited was incorporated in 1974. It provides cold storage facilities for agro-based products, mainly potatoes. Currently, it has six potato cold storages in Rangpur, Bogra, Joypurhat, Thakurgaon, Gaibandha, and Dinajpur.

According to price sensitive information, the company's earnings per share increased by 43% year-on-year and stood at Tk7.62 at the end of FY23.

In September 2021, Himadri Limited was shifted to the SME platform from the over-the-counter (OTC) market. At the OTC market, the company's shares were last traded on 8 March 2014.