Oryza Agro Industries Limited, trading on the SME platform of the Dhaka Stock Exchange (DSE) as a low-cap company, recommended an 11% cash dividend in fiscal 2021-22 for its shareholders.
But its sponsors and directors will not take the dividend as the feed manufacturer suffered an operating cash crisis in the last fiscal year, said a source in the company.
According to a stock exchange filing, Oryza Agro will hold its annual general meeting (AGM) on 1 December for shareholder approval of audited financial statements and the recommended dividend.
The company, mainly engaged in manufacturing and marketing fish and poultry feed, has set 28 September as the record date for the AGM.
In the last fiscal year, its earnings per share stood at Tk1.19, which was 24% lower than in the previous year.
At the end of FY22, its net asset value per share stood at Tk18.50 and the net operating cash flow per share was negative Tk2.38.
Meanwhile, its share price rose 6.33% and closed at Tk23.50 per share on Sunday on the DSE SME platform.
In July this year, the Bangladesh Securities and Exchange Commission allowed the company to raise Tk10 crore from the capital market with a qualified investor offer.