12:00 AM, May 14, 2012 / LAST MODIFIED: 12:00 AM, May 14, 2012

Padma Oil back on bourse

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Star Business Report

The Dhaka Stock Exchange (DSE) yesterday decided to start the trading of Padma Oil Company today.
The trading of Padma Oil remained suspended for almost one year as the company did not notify the regulators about the second-time dividend announced in the same year.
“With the complexity over the dividend declaration gone, the DSE decided to resume the trading of Padma Oil,” said Shafiqur Rahman, deputy general manager of the Dhaka bourse.
As per rules, a listed firm is required to inform the Securities and Exchange Commission and stock exchanges about any dividend before it is announced.
But the state-run fuel company recommended 100 percent cash dividends at a board meeting on December 12, 2010 and also announced the date of the annual general meeting, without notifying the regulators.
Aziz Ahmed, a shareholder, filed a writ petition in January last year, charging the company with violating the securities rules.
The High Court had declared the dividend declaration illegal.
Padma Oil on Saturday recommended 50 percent cash dividends and 50 percent stock dividends for the year to June 30, 2011.
The company has reported Tk 19.88 in its earnings per share, Tk 73.36 in net asset value per share and Tk 233.12 in net operating cash flow per share.
Padma Oil shares last closed at Tk 733.20 on the Dhaka bourse.

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