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--- Company News ---


Nobember 19, 2016

17th Annual General Meeting

Notice is hereby given that the 17th Annual General Meeting of Dragon Sweater & Spinning Limited will be held on Saturday, November 19,2016 at 11 AM. at Imperial Convention Center (4th F loor). 68/8, DlT Road, Malibagh, Chowdhury Para, Dhaka- 1219 to transact the following business:

  1. To receive 8od adopt Director's Report and Audited Accounts of the Company for the period from ist January, 2015 to 3oth June, 2016.
  2. To declare dividend for the period from 1st January, 2015 to 30th June, 2016 as recommended by the Board of Directors.
  3. To consider appointment ofAuditors for the yeareffecting from 1st July’ 2016 to 3oth June, 2017 and to fix their remuneration.
  4. To elect Director’s as per Article of Association of the Company.
  5. To transact any other business which may be placed before the meeting with the permission of the Chair.


Dated, Dhaka
November 03, 2016
By order of the Board of Directors
(Shahnawaz Ahmed Khan)
Company Secretary


Notes :

  1. The ‘Record Date' is fixed on Thursday, May 12, 2016. The Shareholders, whose names will appear in the Share Register of the Company (Certificated & Depositary) at the close of business on the record date, will be eligible to attend the meeting and dividend.
  2. A member entitled to attend and vote at the Annual General Meeting may appoint another person as his/her proxy to attend and vote on his/her behalf. The proxy form duly stamped must be deposited at the Company’s registered office not later than 48 (Forty Eight) hours before the time scheduled for the meeting.
  3. For the sake of convenience, Shareholders are requested to submit their queries, if any, on the Directors’ Report/Audited Accounts for the period from tst January, 2015 to 30th June, 2016 to the Registered Office of the Company preferably 72 (Seventy two) hours before the day of the Annual General Meeting.


N.B: As Per BSEC Circular No. SEC/CMRRCD/2009-193/154 dated October 24, 2013 “No benefit in cash of kind, other than in the form of cash dividend or stock dividend, shall be paid to the-holders of the equity security.

Postponement of the AGM

Dragon Sweater & Spinning Limited announces that, as a consequence of its change of accounting reference date to 30 June announced today, the 17th Annual General Meeting (“AGM”) and the 5th Extra Ordinary General Meeting (“EGM”) of the Company, declared for 27 June 2016 is hereby postponed. The AGM and EGM will now be held before the end of the calendar year and will consider, inter alia, the adoption of the Company’s audited report and accounts for the 18 month period ending on 30 June, which is new financial year end of the Company.

As a result of the change of the accounting reference date and the postponement of the AGM and EGM, the Company now wishes to clarify the following:
  • That the record date for entitlement of 15% stock dividend, which was declared to be 12 May 2016, shall remain unchanged
  • That the 15% stock dividend will be issued subject to the approval of the shareholders at the forthcoming AGM
The Company has already announced its preliminary results for the 12 months ended 31st December 2015 on April 19, 2016. In addition, the Company will extend this financial period to 30th June, 2016 and produce audited accounts for the 18 months from 1st January’ 2015 to 30th June’ 2016 and submit the same to the shareholders for approval at the postponed 17th Annual General Meeting of the Company, which will now be held before the end of the calendar year.

Further to its obligations under the Stock Exchange Rules for Companies, DSSL will announce its forthcoming interim and financial results as follows:

Accounting Period Announcement/Publication
Final (audited) Result for 12m to 31 December 2015 Published on 19th April, 2016 Submitted to BSEC, DSE & CSE on 12 May, 2016
Final (audited) Result for 18m to 30 June 2016 By 31 October, 2016 (Note 1)
Interims (unaudited) Result for 6m to 31 December 2016 By 31 January, 2017 (Note 2)
Final (audited) Result for 12m to 30 June 2017 By 31 October, 2017 (Note 1)


Notes:

  • Under the Stock Exchange Rules for Companies; DSSL would have until 31st December to publish its Final Results for the financial year ending 30 June, but the Bangladesh Securities & Exchange Commission (BSEC) requires that audited Final Results must be announced within 120 days of the period end, hence 31 October.
  • Under the Stock Exchange Rules for Companies; DSSL would have until 31st March to publish its unaudited interim results for the six months ending 31 December, but the Bangladesh Securities & Exchange Commission (BSEC) requires that unaudited interim results must be announced within one month of the period end, hence 31 January.

May 25, 2016

April 20, 2016

Dragon Sweater declares 15% dividend

Capital market listed company Dragon Sweater and Spinning Limited’s board of directors has declared 15 per cent stock dividend for shareholders, according to DSE information.

The dividend was declared for the year ended on 31 December 2015. Company sources said earnings per shares (EPS) of Dragon Sweater stood at Tk1.68 and asset value (NAV) stood at Tk20.47. The board meeting has decided to increase its capital ranging from 150 to 300 crore. For this, the company has called for annual general meeting (AGM) to get investors’ consent.

The company has fixed its annual general meeting (AGM) at 27 June. Record date of the company has been fixed at 12 May, 2016.

Trading of the shares of Dragon Sweater and Spinning Limited is commenced from today at DSE & CSE under 'N' category

The Stock Brokers, Merchant Bankers and Portfolio Manager are requested not to provide loan facilities to purchase securities of Dragon Sweater and Spinning Limited in between 1st to 30th trading day starting from today; March 23, 2016 as per BSEC Directive No. SEC/CMRRCD/2009-193/177 and BSEC Order No. SEC/CMRRCD/2009-193/178 dated October 27, 2015.

The Company has reported its profit after tax Tk. 32.57 million and basic EPS Tk. 0.54 for the 3 months period ended on 30 September 2015 (July to September 2015) as against profit after tax of Tk. 29.50 million and basic EPS of Tk. 0.49 for the same period of the previous year. It is to be noted that basic EPS has been calculated based on weighted average Pre-IPO paid-up number of shares i.e. 60,000,000 shares for both the periods. However, considering Post-IPO 100,000,000 number of shares the Company's basic EPS for the 3 months period ended on 30 September, 2015 would be Tk. 0.33 for the period of 9 months (January to September, 2015) ended on 30 September, 2015 profit after tax was Tk. 80.16 million and basic EPS was Tk. 1.34 as against profit after tax of Tk. 66.51 million and basic EPS of Tk. 1.11 for the same period of the previous year.

It is to be noted that the said EPS has been calculated based on weighted average Pre-IPO paid-up number of shares i.e. 60,000,000 shares for both the periods. However, considering Post-IPO 100,000,000 number of shares, Company's basic EPS would be Tk. 0.80 for 9 months period ended on 30 September 2015 (January 2015 to September 2015) and NAV per share would be Tk. 16.08 as on 30 September 2015.


March 23, 2016

Dragon Sweater and Spinning Ltd. new website launch

Dragon Sweater and Spinning limited launched their new website with gorgeous look and mood that suits with the company. Through new website anyone can know detail about the company and beside this company prospectus, BSEC consent letter and notice of subcriptions, IPO appicants list and IPO results and many more things are available in the new version of the web site.

Dragon Sweater gets go-ahead for IPO

Bangladesh Securities and Exchange Commission yesterday gave a green light to Dragon Sweater and Spinning to raise Tk 40 crore from the public.The export-oriented spinning and sweater manufacturing company plans to float four crore ordinary shares of Tk 10 each. Swadesh Investment Management will manage the initial public offering, the proceeds of which would be used to purchase machinery and spare parts, and meet working capital. The last five years' weighted average earnings per share of the company stood at Tk 1.33 and net asset value per share at Tk 18.79. The approval came at a meeting presided over by BSEC Chairman Khairul Hossain, the commission said in a statement.


December 08, 2015

February 16, 2016

Dragon Sweater & Spinning Ltd IPO Result Published

Dragon Sweater and Spinning Ltd IPO Lottery Result has been published on Tuesday 16 February 2016. Place: IEB Milanayton, Ramna Dhaka. Time: 10:00 A.M. Public offer for application of Dragon Sweater and Spinning Ltd will be starting from 17 January 2016 and continue up to 26 January 2016. IPO or an Initial Public Offer (IPO) is the first sale of a stock by a private company to the public company. In this way, a company can raise money by issuing either debt or equity.