The New Nation - Internet Edition

BUSINESS REPORTER

The 36th Annual General Meeting of Bata Shoe Company (Bangladesh) Ltd was held at Dhamrai on June 12 last. The meeting was presided over by Jorge Carbajal, Chairman of the company. The Board of Directors of the company declared in the Annual General Meeting a 250 per cent cash dividend comprising a final dividend of 105 per cent and interim dividend of 145 per cent for the year 2007.

The meeting was attended by a large number of shareholders and the audited accounts for the year 2007 were approved at the meeting.

Mr. Carbajal, in his address to the shareholders, reported that the company's turnover increased by 18 per cent despite global economic recession and its harmful impact on the economy of Bangladesh. He further stated that the company's turnover in retail grew by 20 per cent against 2006 and the growth in wholesale was 15 per cent. The company achieved a net profit of Taka 324.85 million in 2007. During 2007 the company contributed Taka 979 million to the national exchequer in the form of corporate tax, VAT, custom duties and other taxes.

Mr. Carbajal also told shareholders that at the end of 2007 the total number of retail outlets of the company stood at 237 and, among the Non Retail Channels 420 Registered Wholesale Dealers and 566 DSP (Dealer Support Program) outlets.

J D Hearns, Managing Director, as well as other Directors of the company also attended the meeting.

Cesar Alex Panduro Arevalo, CFO and Md Hashim Reza, Company Secretary and other senior executives of the company also attended the AGM.

In conclusion the Chairman conveyed his sincere thanks to the valued shareholders, customers, suppliers, employees and the government for their support, which they have continued to extend to the company.