Hami Industries takes lease of new agro project

Hami Industries, formerly known as Imam Button Industries, has decided to take lease of a new agro project in Cumilla.

In a stock exchange filing on Sunday, the company said it took a lease of 705 decimal or 23.5 bigha of land from Mohammad Salamat Ullan and Tarikul Islam Bhuiyan for a period of five years. 

The lease is effective from 1 June 2024. The lease value of the land is Tk3.52 lakh per year. 

"After successful execution of the agreement, the total sales volume of Hami Industries will be increased to Tk5 crore approximately per year and subsequently the profit will be increased by Tk1 crore per year," reads in the filing.

Meanwhile, in a separate disclosure on Sunday (2 June), the company announced that its board has recommended a 1% interim cash dividend for the period ended on 31 March 2024.

It said that the sponsor-directors of the company with a holding of 34.12% will not be entitled to avail the dividends. Only the institutional, foreign and public, who hold 65.88% will be entitled to get dividends. 

In the previous fiscal, it had also paid a 1% interim cash dividend to its shareholders except the sponsor-directors at the end of 2023.

However, the Dhaka bourse raised red against the dividend payout as the company didn't account for its loan expenses.

Also, in an inspection, the bourse found several irregularities in its existing agro project and leather business. 

The inspection report found that Imam Button's ponds have been found without any fish, and its shoe factory is not capable of making more than 20 pairs a day. 

The company resumed its operations last year by transitioning from button business to fisheries and tannery.