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Bashundhara Paper Mills Ltd okays 12pc cash dividend

Senior Correspondent   | banglanews24.com
Update: 2021-12-28 16:22:27
Bashundhara Paper Mills Ltd okays 12pc cash dividend

Bashundhara Paper Mills Limited (BPML) has approved 12 percent cash dividend for its shareholders in capital market for audited fiscal year 2020-21 ending on June 30.

Board of Directors gave the approval of the dividend at the 28th Annual General Meeting (AGM) held on virtual platform on Tuesday.

BPML, a venture of Bashundhara Group, made flying debut in the country’s two bourses in Dhaka and Chattogram being turnover leader in July 2018 with issue price of Tk 80.

Chaired by Bashundhara Group Senior Advisor and Alternate Director AR Rashidi, the AGM was participated by BPML Independent Director Khawaja Ahmedur Rahman and Directors Imrul Hassan and Nazmul Alam Bhuiyan, Deputy Managing Director Md Mustafizur Rahman FCA, Chief Financial Officer Mirza Mujahidul Islam, Departmental Chief (Finance and Accounts) Md Kamrul Hasan and Company Secretary M Majedul Islam.

Expressing satisfaction over the dividend, virtually connected shareholders termed 12 percent cash dividend a positive sign of the company’s growth despite adversities unleashed by the corona pandemic.

Addressing the AGM, Senior Advisor AR Rashidi said BPML leads market of paper and paper-related products despite serious competition.

“Bashundhara constitutes 30 percent of the market share of the paper sector. The company exports papers to 50 countries maintaining quality and standard. To nullify the drawback caused by coronavirus pandemic, the company has taken various initiatives. The country’s annual demand for tissue is around 36,000 metric tons and Bashundhara Tissue meets 75 percent of the local demand,” AR Rashidi said.

He said: “Coronavirus has adversely affected the paper industry like other industries in the country. The rate of paper sales has come down significantly, especially due to the closure of educational institutions. But the company's Board of Directors has been able to prevent massive losses by working tirelessly, changing business strategies considering the situation. Compared to last year, the sales revenue has increased to about 8.63 percent, net income to 43 percent and export revenue to 36 percent this year.”

AR Rashid said, “Two products of this company 'Bashundhara Tissue' and 'Bashundhara Diapant' have won super brand titles this year. Along with this title, Bashundhara Tissue has won Asia's Greatest Brand and Leaders 2020-2021 award. Moreover, Bashundhara Group has been awarded the Intellectual Property Protection Award-2020. Of which Bashundhara Paper Mill Company has a significant number of products.”

The advisor and alternate director of the company added, “The company has spent around Tk 1 crore on social responsibility this year. Like previous years, the company's products - anti-bacterial tissues and face masks - have been distributed free of charge through various governmental and non-governmental organisations to combat the epidemic. Despite the Corona's unfavorable conditions, the company's layoff rate was zero percent.”

BDST: 1622 HRS, DEC 28, 2021
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