The Bangladesh Securities and Exchange Commission (BSEC) has approved the stock dividends of Aamra Networks and Aamra Technologies, whereas it rejected that of Tosrifa Industries.
The companies announced the commission’s decision through the Dhaka Stock Exchange (DSE) website on Thursday.
Tosrifa’s 2% stock dividend
Tosrifa Industries – a publicly listed textile firm – recommended 3% cash and 2% stock dividends for the fiscal 2021-22.
The company said it recommended the stock dividend to use the fund as capital for balancing, modernisation, rehabilitation, and expansion (BMRE), and as working capital.
But the BSEC rejected the dividend because the company failed to follow the guidelines for issuing stock dividends, according to sources.
Therefore, Tosrifa Industries will now have to pay only the 3% cash dividend for FY22.
In the previous fiscal, the company had paid 2.5% cash and 2.5% stock dividends to the shareholders.
Bonus shares of two Aamra firms
Aamra Networks recommended 5% cash and 5% stock dividends, and Aamra Technologies 6% cash and 6% stock dividends for FY22.
Aamra Networks will use the retained amount as capital for nationwide network expansion under its BMRE project.
It had paid 5% cash and 5% stock dividends for the previous fiscal.
Aamra Networks provides state-of-the-art ISP, IOT, IT & ITES solutions to its clients.
Aamra Technologies will also use the retained amount as capital in developing its infrastructure in line with the technological advancement under its BMRE project.
It had paid 5% cash and 5% stock dividends for the FY21.
Aamra Technologies provides hardware, software, and connectivity solutions mainly to the banking industry.