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Singer approves 30% stock dividend for 2018
April 23, 2019 All day
Members present in the meeting approved 30% stock dividend for the year 2018
The 39th annual general meeting (AGM) of Singer Bangladesh Ltd was held at the Singer factory in Savar on Tuesday, according to a press release.
Dr Fatih Kemal Ebiçlioglu, chairman of Singer Bangladesh Ltd, presided over the meeting.
Members present in the meeting approved 30% stock dividend for the year 2018.
Singer Bangladesh Ltd. has purchased 16.17% share of International Appliances Limited (IAL) from Shanghai Sonlu Shangling Enterprise Group Co. Ltd. (10%) and from Sunman Corporation Limited (6.17%). As a result, IAL is now 100% owned subsidiary of Singer Bangladesh Limited.
Singer Bangladesh Limited Chairman Fatih Kemal Ebiçlioglu informed the meeting that Ardutch BV, a subsidiary of Arçelik (a member of Koç Holdings, Turkey) acquired Retail Holdings Bhold BV earlier on April 3.
After the acquisition, Arçelik has become the ultimate beneficial owner of the company.
In his address, he mentioned: “Bangladesh is one of the fastest-growing economies in the world and it will further accelerate in the medium to long term. We will combine our global expertise, scale and knowledge with the strong market position of Singer Bangladesh equipped with its strong brand image, for further product developments to grasp the local market needs. Our mid-term target is to become the market leader in the major product groups.”
He also added that “2018 was a successful year for the company with record sales in all key product categories. 2018 turnover increased by 24% to Tk13.7 billion. Profit after tax increased by 23% to Tk920 million, with earnings per share increasing at the same rate to Tk12 per share.”
The Singer refrigerator was recognized in 2018 as the number one refrigerator brand in Bangladesh.
This was awarded after various surveys conducted by AC Nielson, a world-renowned research firm along with Bangladesh Brand forum.
In 2019 and beyond, the company has a plan to further increase of retail and dealer outlet to capitalize on the opportunities available in this fast growing and exciting sector.
Singer is the largest retailers of consumer durables in Bangladesh, with 385 company owned stores.
Singer commenced operations in the region in 1905. Today Singer sells all categories of household consumer durables under the Singer and third-party brands.
The company also has over 700 wholesale dealers. Singer Bangladesh is 57% owned by Retail Holdings Bhold BV and the remainder of shares of the company are publicly traded in Dhaka and Chittagong Stock Exchanges.