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ICB transaction volume marks 30.96pc rise

imagesTotal transaction volume of the state-run Investment Corporation of Bangladesh (ICB) and its subsidiaries on both the bourses stood at Tk 135 billion in the fiscal year (FY) 2013-14, officials said.

The ICB Saturday said this in a statement after holding the company’s 38th Annual General Meeting (AGM) at a city hotel.

ICB chairman Prof. Dr, Mojib Uddin Ahmed chaired the AGM attended by ICB managing director Md. Fayekuzzaman, other directors and the shareholders.

The statement said, at the meeting, the shareholders discussed various aspects of the Annual Report and Audited Accounts of the ICB and its subsidiaries for the FY 2013-14 and appreciated the pivotal role played by the corporation for the development of the capital market.

“The transaction volume of ICB in the FY 2013-14 was 30.96 per cent higher than the volume of above Tk 103.09 billion observed in previous FY,” the ICB said.

It said the ICB’s transaction volume was 11.0 per cent of total volume (Tk 1227.58 billion) of both the bourses in the FY 2013-14, whereas the volume was 10.75 per cent of exchanges’ total volume observed in previous FY.

During the FY, the company made investment of above Tk 57.57 billion in the capital market and the investment value was 38.22 per cent higher than the value of Tk 41.65 billion invested in the previous FY.

The state-run ICB said during the FY 2013-14 the company earned solo and consolidated (with subsidiaries) net profit of above Tk 3.10 billion and above Tk 3.60 billion respectively.

“At the AGM shareholders approved 45 per cent cash dividends declared for the FY 2013-14. Earlier, the corporation had declared attractive dividends for all of its eight mutual funds (MFs) and the Unit Fund,” the ICB said.

According to ICB, during the FY 2013-14 the corporation committed a net financial assistance of above Tk 4.25 billion for investing in pre-IPO placement, preference shares, debentures, equity, lease financing and bonds.

“The corporation recovered an amount of Tk 7.82 billion on account of dividend, margin loans, project loans and other loans and advances,” said the ICB.

It said the shareholders appreciated the pivotal role played by the ICB to regain investors’ confidence which became shaky during the stock market debacle.

“They also expressed satisfaction over the significant achievement and growth of business of the corporation and its subsidiaries.”

According to ICB, at the AGM shareholders also stressed the need to maintain the tempo of reforms and present trend of improvement in the company’s activities.

At the end of the company’s AGM, the chairman and managing director of the state-run ICB acknowledged the gratitude for the cooperation of shareholders, the securities regulator, ministry of finance (MoF) and other stakeholders as well.

Source : Financial Express

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