The 39th Annual General Meeting (AGM) of Investment Corporation of Bangladesh (ICB) was held on 26 December, 2015 at Hotel Purbani International Ltd. The meeting was presided over by Prof. Dr. Mojib Uddin Ahmed, Chairman, Board of Directors of the Corporation. The meeting was attended by the Managing Director of ICB (Additional Charge) Md. Iftikhar-uz-Zaman and other Directors of ICB. A large number of shareholders attended the meeting and took part in the discussions.
The Shareholders discussed various aspects of the Annual Report and Audited Accounts of ICB and its subsidiary companies for the year 2014-15. They expressed their deep satisfaction for its performance and the pivotal role it played during the critical period of capital market.
During FY 2014-15, ICB earned solo and consolidated (with subsidiaries) net profit of Tk. 406.73 crore and Tk.439.36 crore respectively which were 27.86 percent and 19.34 percent higher than the previous year. The shareholders approved 35% cash dividend for the year 2014-15. Earlier the Corporation had declared very attractive dividends for all its Eight Mutual Funds and Unit Fund. Of them ICB Unit Fund declared 42.50 % cash dividend which was higher than ever and ICB First Mutual Fund declared 1000 % cash dividend which was the highest cash dividend declared by the listed companies and funds of the country during FY 2014-15.
During the period under review, the Corporation sanctioned financial assistance of Tk. 276.63 crore in the form of Pre-IPO placement, purchase of preference shares and debentures, equity participation, lease financing and investment in bonds and made investment of Tk.7365.59 crore in the capital market which was 27.94 percent higher than the previous year’s amount of Tk. 5757.29 crore. It also committed to act as Trustee to the issue of two bonds of Tk. 320.00 crore during 2014-2015. The Corporation recovered an amount of Tk. 787.59 crore on account of dividend, margin loans, project loans and other loans/advances which was 0.59 percent higher than the previous year’s amount of Tk.782.96 crore. During the period, the total trading of ICB and its subsidiary companies in both the bourses was Tk. 11,980.55 crore. The volume of transaction was 9.82% of total traded volume (Tk.1,21,999.95 crore) of both the bourses of the country in FY 2014-15. Like in the previous year, ICB and its subsidiaries retained top positions in asset management and trustee activities.
The shareholders appreciated the pivotal role played by the Corporation to regain confidence of the investors during share market debacle and maintaining stability in the market. They also noted with satisfaction the significant achievement and growth of business of the Corporation and its Subsidiaries. They appreciated the important role played by ICB in maintaining depth, stability, reliability and liquidity of the stock markets as well as in maintaining a buoyant and effective capital market in the country. They however, stressed the need to maintain the tempo of reforms and present trend of improvement and proposed valuable suggestions on various aspects of the Corporation’s activities.
The Chairman of the Board of Directors and the Managing Director (Additional Charge) of ICB acknowledged with gratitude the co-operation and support received from the valued shareholders, the BSEC, Ministry of Finance and other stakeholders. The meeting also put in record the outstanding services rendered by the employees of the Corporation for its development as a prime institution in the country.