Meghna Cement Mills Limited (MCML), a unit of Bashundhara Group, approved 10 percent dividends for its shareholders in the capital market.
Board of Directors approved the dividends with consent from the shareholders who participated in the 29th annual general meeting (AGM) held virtually on Thursday.
Of the 10 percent dividends, 5 percent are cash dividends and other 5 percent are bonus shares.
It means the shareholders will get Tk 0.5 as cash dividend per share and five new units for each 100 shares of the brand.
Chaired by Bashundhara Group senior advisor AR Rashidi, the meeting was also attended by MCML independent director Nurul Karim, deputy managing director AKM Mahbub-Uz-Zaman, advisor Maynal Hossain Chowdhury and chief operating officer Md Fakhruddin virtually at the Bashundhara Industrial Headquarters in the capital.
MCML chief financial officer Pijirul Alam Khan, head of Human Resources Administration Anisuzzaman Talukdar and deputy general manager Asaduzzaman were also present. Company secretary Shahriar Molla made the address of welcome.
MCML, the first manufacturing unit of Bashundhara Group, produces the market leader King Brand cement and new flagship brand of Bir Cement.
Senior advisor AR Rashidi said the Meghna Cement Mills braved the pandemic situations through collective efforts of the customers, company staff and shareholders.
“We are trying to utilise the production capacity to increase the returns of investment of the shareholders. For this, the directors of the company introduced a new brand of Bir Cement produced through modern technologies,” he said.
The net income of MCML increased to Tk 74 million which is almost 191 percent higher than Tk 52 million in fiscal year 2019-20, according to the company’s annual report.
The company contributed Tk 27 million to national exchequer as income tax.
The earnings per share increased to Tk 2.73 in the outgoing fiscal year, which is around Tk0.8 higher from the previous fiscal year’s Tk 1.91.MCML chief operating officer Md Fakhruddin said the per capita cement adaptation in the country is 100.63 thousand metric tons, of which, 3.8 thousand tons are supplied by the local brands.
“The company turned into a successful business venture in the country through producing quality cement. The inclusion of new brand of Bir cement brings pace in the journey,” he said. Incorporated on March 3 in 1992, Meghna Cement Mills Limited started journey on the bank of Poshur river to produce Portland cement. The company was enlisted in Dhaka Stock Exchange in 1995.