BSEC reduces Monno Agro’s stock dividend to 22%

The Bangladesh Securities and Exchange Commission (BSEC) has reduced Monno Agro & General Machinery's stock dividend payment to 22% from 25%.

In a price-sensitive information disclosure, Monno Agro said the commission on 12 December approved a 22% stock dividend for year 2023-24 ended on 30 June 2024 although the company's board of directors had proposed a 25% stock dividend.

The record date for entitlement to the regulator-approved dividend has been fixed for 22 December.

The dividend is subject to approval by shareholders at the upcoming annual general meeting (AGM) scheduled for 28 December.

According to disclosures published in November, Monno Agro had recommended a 25% stock dividend to utilise the retained amount as capital, with the dividend declared from its accumulated profits.

Previously, the company paid a 3% cash and a 32% stock dividends for FY23. Then, the 32% stock dividend was issued to meet the regulator's requirement, as the company's paid-up capital was below Tk30 crore.

Currently, its paid-up capital is Tk3.60 crore with 36.06 lakh shares, according to the Dhaka Stock Exchange (DSE).

FY24 profit

According to price-sensitive information, Monno Agro's net profit for FY24 slightly declined by 2.19%.

At the end of FY24, its net profit after tax fell to Tk77.37 lakh, compared to Tk79.11 lakh in the previous fiscal year.

Its earnings per share stood at Tk2.15, down from Tk2.19 in FY23.

Monno Agro is a subsidiary of Monno Group of Industries. The company was listed on the DSE in 1982.

Sponsor-directors hold 32%, institutions 7.34%, foreign investors 0.09%, and the general public 60.57% of the company's shares.
Its share price closed at Tk419 each on the DSE on Sunday.