ICB approves two percent cash dividend for the year
The 48th Annual General Meeting (AGM) of the Investment Corporation of Bangladesh (ICB) was held on 21 December 2024 through a virtual platform. Professor Abu Ahmed, Chairman of the ICB Board of Directors, presided over the meeting.
The Managing Director of ICB, along with other Directors of the ICB Board, attended the meeting. A significant number of shareholders were virtually connected to the meeting.
In the meeting, the Shareholders were informed about the various aspects of ICB's Annual Report and Audited Accounts for FY 2023-2024. They expressed their satisfaction with ICB's performance and pivotal role during the critical period of the capital market.
Keep updated, follow The Business Standard's Google news channel
In FY 2023-2024, ICB earned solo and consolidated (with subsidiaries) net profits of Tk. 20.85 crore and Tk. 32.68 crore, respectively. In the meeting, the shareholders approved the annual accounts, and the Board of Directors of ICB declared a 2% cash dividend for FY 2023-2024, which was 2.5% cash and 2.5% stock in FY 2022-2023.
During the period under review, ICB made an aggregated investment of Tk. 2,335.53 crore in the capital market and recovered Tk. 951.78 crore as dividends, margin loans, project loans, and other loans/advances. The total transaction of ICB and its subsidiary companies in both the bourses was Tk.13,079.39 crore, 27.76% less than that of Tk—18,105.36 crore in the previous year.
The shareholders appreciated the effort ICB is constantly undertaking to boost the investors' confidence during this critical moment of the capital market. They further appealed to continue the ceaseless effort of the employees of ICB and its subsidiaries to achieve its mandated goals. They proposed valuable suggestions to strengthen the role and position of ICB in the Capital market.
On 13.11.2024, Bangladesh Bank approved a loan of Tk 3000.00 crore to ICB through state guarantee by the Government of the People's Republic of Bangladesh, Ministry of Finance, Finance Division. Shareholders expressed their opinion that the approved loan will be used to repay deposits and high-interest loans taken by ICB and will increase ICB's investment capacity to bring stability to the capital market through investment.
The Chairman of the Board of Directors and the Managing Director of ICB acknowledged with gratitude the cooperation and support from the valued shareholders, the Ministry of Finance, Bangladesh Bank, Bangladesh Securities and Exchange Commission, Stock Exchanges, Central Depository Bangladesh Limited, and other stakeholders.
