Corporate Briefs

UTTARA BANK
The bank's audited financial statements, as of December 31, 2009, and other matters will come under perusal at its Board of Directors meeting today.

BSRM STEELS
The company's Board of Directors recommended 15 percent stock dividend for 2009. It also decided to increase authorised capital from Tk 200 crore to Tk 500 crore comprising preference shares of Tk 25 crore divided into 25 lakh shares of Tk 100 each and ordinary shares of Tk 475 crore divided into 4.75 crore shares of Tk 100 each. If shareholders and the regulator approve, the company will amend and reprint its Memorandum and Article of Association. It also decided to issue 1,04,50,000 ordinary shares of Tk 100 each for acquisition of 95 percent ordinary shares of BSRM Iron & Steels Company Ltd by exchange of one ordinary share of BSRM Steels Ltd for one ordinary share of BSRM Iron & Steels, subject to the approval of shareholders and SEC. The EGM and AGM will be held on June 6 (at 10am and 10.30am respectively) at the Institution of Engineers, Bangladesh in Chittagong. The record date is April 27. The company also reported earnings per share of Tk 39.59, net asset value per share of Tk 8.62 and net operating cash flow per share of Tk 92.13, as of December 31, 2009, as against Tk 153, Tk 30.97 and Tk 367.44 respectively, as of December 31, 2008. There was no price limit on trading yesterday following its corporate declaration. The record date for the eighth AGM will be May 5 instead of April 27 to comply with the DSE listing regulations.

BANK ASIA
The bank's Board of Directors recommended 40 percent stock dividend for 2009. The AGM will be held on June 23 (at 10.30am) at Dhaka Sheraton Hotel. The record date is April 29. The bank also reported earnings per share of Tk 61.88, net asset value per share of Tk 230.98 and net operating cash flow per share of Tk 206.87, as of December 31, 2009. The board also decided to form a subsidiary company in the name of Bank Asia Securities Limited for stockbroker and stock dealer activities, subject to the approval of the regulatory authorities. The company's authorised capital and paid-up capital will be Tk 2,000 million and Tk 100 million respectively.

METRO SPINNING
The company reported profit after tax of Tk 106.04 million with earnings per share of Tk 3.07 as against Tk 22.46 million and Tk 0.65(restated) respectively for the same period of the previous year, as per unaudited quarterly accounts for the third quarter ended on March 31 (July 2009 to March 2010).

CITY GENERAL INSURANCE CO
The insurer recommended 10 percent stock dividend (one bonus share for every ten shares) for 2009. The AGM will be held on June 17 (at 10.30am) at the Institution of Diploma Engineers, Bangladesh in Dhaka. The record date is April 27. The company also reported earnings per share of Tk 14.92, net asset value per share of Tk 137.63 and net operating cash flow per share of Tk 9.74, as of December 31, 2009. There was no price limit on the trading of shares yesterday following its corporate declaration.