ICB holds 49th AGM, no dividend declared

The 49th Annual General Meeting (AGM) of the Investment Corporation of Bangladesh (ICB) was held recently through digital platform.

In the meeting, the shareholders approved the annual accounts and no dividend has been declared by the Board of Directors of ICB for the FY2024-2025, which was 2 per cent cash dividend in the FY 2023-2024, says a press release.

The meeting was presided over by Prof. Abu Ahmed, Chairman of the Board of Directors of ICB. Managing Director of ICB along with other Directors of the Board of ICB attended the meeting. A significant number of shareholders were virtually connected to the meeting.
In the meeting, the Shareholders were informed about the various aspects of the Annual Report and Audited Accounts of ICB for the FY 2024-2025. In the FY 2024-2025, ICB earned solo and consolidated (with subsidiaries) net loss of Tk.1227.66 crore and Tk.1213.86 crore respectively. During the period under review, ICB made an aggregated investment of Tk.3574.34crore in the capital market and recovered an amount of Tk. 179.81crore as dividend, margin loans, project loans and other loans/advances.

The total transaction of ICB and its subsidiary companies in both the bourses was Tk.13937.23 crore which is 6.55% higher than that of Tk. 13,079.39crore in the previous year.

The shareholders said that ICB continues its efforts to maintain investor confidence and market stability during this critical moment in the stock market. They, further, appealed to continue the ceaseless effort of the employees of ICB and its subsidiaries to the achievement of its mandated goals and proposed valuable suggestions to strengthen the role and position of ICB in the Capital market.

On 13.11.2024, Bangladesh Bank approved a loan of Tk 3000.00 crore to ICB through state guarantee by the Government of the People's Republic of Bangladesh, Ministry of Finance, Finance Division. Shareholders expressed their opinion that the amount of the approved loan will be used for repayment of deposits and high interest rates loans taken by ICB and it will increase ICB's own investment capacity to bring stability to the capital market through investment.