an appraisal of dividend policy of meghna cement mills limited
TRANSCRIPT
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm 5 io :5
Eg E~~zefxec io Dfvfdmgd
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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Mrmh}tfvm X}``mz
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Tbm @mlbge Hm`mgt @fccx Ctd fx eg Fgtmzgetfigec Xtegdezd Izlegf{etfig "FXI 6>>5; :>>2&
hmztfofmd hi`~eg bevfgl ehhzmdftetfig io `eg}oeht}zfgl ~zid}htx oiz jitb di`mxtfh egd
fgtmzgetfigec `ezamtx' Tbm hi`~eg fx cfxtmd |ftb jitb Dbeae egd Hbftteligl Xtiha
Mrhbeglmx# tbm t|i ji}zxmx io tbm hi}gtz xfghm 566= egd 566? zmx~mhtfvmc' Tbm hi`~eg
`ezamtx ftx ~zid}ht }gdmz tbm zmlfxtmzmd tzedm `eza *Afgl Jzegd Hm`mgt*'
Ft |ex fghiz~izetmd ig @ezhb 566: ex ^zfvetm Cf`ftmd Hi`~eg }gdmz tbm hi`~egfmx Eht#
5658 egd x}jxmu}mgtc ig Keg}ez 566? @mlbge Hm`mgt @fccx Ctd xteztmd tbmfz hi``mzhfec
~zid}htfig' Tbm hi`~eg mgcfxtmd |ftb Dbeae Xtiha Mrhbeglm "DXM& fg 566= egd
Hbftteligl Xtiha Mrhbeglm "HXM& fg 566? }gdmz tbm tzedfgl hidm @MLBGEHM@' Tbm oehm
vec}m io mehb xtiha |ex Ta'5>> d}zfgl mgcfxt`mgt egd fg 56tb
Xm~tm`jmz :>5> tbm hi`~eg
mrmh}tmd tbm xtiha x~cft i~tfig egd oicci|fgl tbm hbeglm io tbm dmgi`fgetfig io xbezmx egd
`ezamt cit# tbm gm| oehm vec}m io tbm xbezmx io tbm hi`~eg jmhe`m Ta' 5>'>> fgxtmed io Ta'
5>>'>> ~mz xbezm# `ezamt cit jmhe`m 5>> xbezmx fgxtmed io => xbezmx egd tbm gm| edk}xtmd
i~mg ~zfhm io xbezmx |ex Ta' :2>'6> ~mz xbezm' Tbm hi`~eg bex ::=>>4>> i}txtegdfgl
xbezmx io Ta'5> oehm vec}m fg tbm he~ftec `ezamt1 ft bex ~efd}~ he~ftec io Ta' ::= `g egd
e}tbizf{md he~ftec Ta' =>>> `g'
@mlbge Hm`mgt `fccx Ctd' fx e E hetmliz xbezm# "f'm' ft lfvmx `fgf`}` 5>- dfvfdmgd mehb mez ft
fx ecxi e jc}m hbf~ xhzf~t egd cfxtmd fg DXM :> Xbezm oiz ftx getfigec zm~}tetfig oiz u}ecft# zmcfejfcft
egd tbm ejfcft ti i~mzetm ~zioftejc fg liid tf`mx egd jed tf`mx' Ozi` tbm ~ext 5> mezx dfvfdmgd
~e`mgt dete ft fx oi}gd tbet tbm hi`~eg oicci|x Zml}cez Dfvfdmgd ^icfh xfghm tbm mgcfxt`mgt fg
tbm Xtiha @ezamt' Tbm jiezd io dfzmhtizx io @MLBGEHM@ ofrmx tbm dfvfdmgd ~mzhmgtelm eotmz
zmvfm|fgl tbm gmt fghi`m egd zmtefgmd mezgfglx xft}etfig io tbm hi`~eg' Tb}x# fg tbm cfgm io
i~mzetfigec ~mzoiz`eghm io tbm hi`~eg d}zfgl tbm mez :>5># tbm jiezd io dfzmhtizx fx ~cmexmd ti
zmhi``mgd oiz ~e`mgt io :=- hexb dfvfdmgd ig ~ez vec}m io tbm xbezmx oiz tbm mez :>5>' Tbmfz
mezgfgl ~mz xbezm "M^X& |ex Ta' :':8 egd ~zfhm ~mz xbezm |ex Ta' 4>> fg Dmhm`jmz :>5>'
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm 8 io :5
HBE^TMZ->:
DF_FDMGD ^ICFHV
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm 4 io :5
:'5 @MLBGE HM@MGT @FCCX CF@FTMD "@MLBGEHM@&
Eji}t @MLBGEHM@
Tbm @mlbge Hm`mgt @fccx Cf`ftmd "@MLBGEHM@& |ex tbm ofzxt }gdmzteafgl
Jexb}gdbeze Lzi}~ fg tbm `eg}oeht}zfgl xmhtiz' Tbfx mgtmz~zfxm ~zid}hmx |izcdhcexx
hm`mgt egd# ex e tmxtf`ig ti tbfx# xtegdx tbm oeht tbet tbm highmzg bex jmmg e|ezdmd tbm
FXI6>>5 hmztfofhetfig oiz x}xtefgmd u}ecft higtzic mooizt' Tbm Hi`~eg `ezamtx ftx
hm`mgt }gdmz tbm zmlfxtmzmd tzedm`eza io Afgl jzegd*'
Afgl Jzegd Hm`mgt fx tbm bezvmxt io fgd}xtz io ftx xafccmd cejizmzx @mlbge Hm`mgt @fccx
Ctd }xmx cetmxt tmhbgicil' Ft fx JXTF e~~zivmd' Ft mgx}zmx tbet tbmxm mgtfzm tbfglx bevm
`edm @mlbge hm`mgt ti jm fgtmzgetfigec xtegdezd' Ft fx gmhmxxez ti jme}tfo tbm fgtmzgec
mgvfzig`mgt io @mlbge Hm`mgt @fccx ctd' E}tbizftfmx io @MLBGEHM@ f`~izt tbmfz
`ehbfgmzfmx# |bfhb fx }xfgl oiz ~zid}htfig io hm`mgt ozi` Hbfge# Lmz`eg egd Ke~eg'
Gi| tbm he~ehft io ~zid}htfig io hm`mgt fg tbfx `fcc fx evmzelm 2>#>>> ti 5>>#>>> jelx
~mz de "mvmz jel higtefgx =>al io hm`mgt&'
@MLBGEHM@ et e Lceghm
Tzedfgl Hidm; @MLBGEHM@Cfxtfgl Vmez; DXM 566= / HXM 566? @ezamt Hetmlizv; E
J}xfgmxx Cfgmx Hm`mgt @eg}oeht}zfgl
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I}txtegdfgl He~ftec fg JDT "`g& ::='>
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm = io :5
:': DF_FDMGD ^ICFHV
Dfvfdmgdx ezm hexb ~e`mgtx `edm ti xtihabicdmzx' Dmhfxfigx eji}t |bmg egd bi| `}hb io
mezgfglx xbi}cd jm ~efd# ex dfvfdmgdx ezm ~ezt io tbm ofz`x dfvfdmgd ~icfh' Mezgfglx tbet ezm
~efd i}t ex dfvfdmgdx heggit jm }xmd j tbm ofz` ti fgvmxt fg ~zikmhtx |ftb ~ixftfvm gmt ~zmxmgt
vec}mxtbet fx# ti fghzmexm tbm vec}m io tbm ofz`' Tbm dfvfdmgd ~icfh tbet `erf`f{mx tbm
vec}m io tbm ofz` fx xefd ti jm tbm i~tf`ec dfvfdmgd ~icfh'
f' Dfvfdmgd ^icfh egd Xtiha _ec}m Zmxmezhbmzx ezl}m |bmtbmz tbmzm mrfxtx egi~tf`ec dfvfdmgd ~icfh' Xi`m ehedm`fhfegx ezl}m tbet e ofz`x dfvfdmgd ~icfh dimx
git eoomht tbm vec}m io e ofz` "dfvfdmgd fzzmcmveghm tbmiz |bfcm itbmz ezl}mx tbet
tbm dfvfdmgd ~icfh fx eg f`~iztegt oehtiz fg tbm dmtmz`fgetfig io e ofz`x vec}m
"dfvfdmgd zmcmveghm tbmiz&'
ff' Fgvmxtizx egd Dfvfdmgd ^icfh Fgvmxtizx zmehtfigx ti hbeglmx fg dfvfdmgd ~icfhfmxheg jm x}``ezf{md ex oicci|x;
e' Fgoiz`etfigec higtmgt iz xflgecfgl Tbmzm fx e jmcfmo tbet `egelmzx hbeglmdfvfdmgdx "fghzmexm iz dmhzmexm& igc |bmg ft fx gmhmxxeztbet fx# dmhzmexmx
ihh}z igc |bmg tbm ofz` fx oehfgl ofgeghfec dfoofh}ct# |bfcm fghzmexmx ihh}z igc
|bmg ft fx mr~mhtmd tbet tbm ofz` heg higtfg}m ti ~e bflbmz dfvfdmgdx cigl fgti
tbm o}t}zm' Fo tbfx fx tz}m# tbmg hbeglmx fg e ofz`x dfvfdmgd ~icfh ~zivfdm
fgoiz`etfig ti fgvmxtizx# |bi |fcc zmeht ehhizdfglc' Oiz mre`~cm# fgvmxtizx
|i}cd higxfdmz eg fghzmexm "dmhzmexm& fg dfvfdmgdx ti jm liid "jed& gm|x# egd
tb}x fghzmexm "dmhzmexm& tbm ~zfhm io tbm ofz`x xtiha'
j' Hcfmgtmcm moomht Fgvmxtizx `flbt hbiixm e ~eztfh}cez xtiha d}m ti tbm ofz`xdfvfdmgd ~icfhtbet fx# xi`m fgvmxtizx ~zmomz dfvfdmgdx egd itbmzx di git' Fo
x}hb e hcfmgtmcm moomht dimx mrfxt# tbmg |m |i}cd mr~mht tbet e ofz`x xtiha ~zfhm
|fcc hbeglm |bmg ftx dfvfdmgd ~icfh fx hbeglmd'
h' Ozmm hexb oci| b~itbmxfx Fo fgvmxtizx tz}c |egt `egelmzx ti `erf`f{m tbmvec}m io tbm ofz`# tbmg dfvfdmgdx xbi}cd jm ~efd igc |bmg tbm ofz` bex gi
fgvmxt`mgtx |ftb ~ixftfvm gmt ~zmxmgt vec}mx' Fg itbmz |izdx# e ofz` xbi}cd ~e
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^elm ? io :5
dfvfdmgdx igc |bmg ft bex o}gdx tbet ezm git gmmdmd ti fgvmxt fg ~ixftfvm G^_
~zikmhtxtbet fx# igc ozmm hexb oci|x xbi}cd jm ~efd ex dfvfdmgdx' Fo tbfx tbmiz
fx hizzmht# tbmg |m `flbt mr~mht e ofz`x xtiha ~zfhm ti fghzmexm |bmg ft dmhzmexmx
dfvfdmgdx ti fgvmxt fg ~ixftfvm G^_ ~zikmhtx# egd |m `flbt mr~mht tbm xtiha ~zfhm
ti dmhzmexm |bmg tbm ofz` fghzmexmx dfvfdmgdx jmhe}xm ft gi ciglmz bex ex `eg
~ixftfvm G^_ ~zikmhtx ex ft dfd fg ~zfiz mezx'
:'8 TBMIZFMX IO DF_FDMGD ^ICFHV
:'8'5 Tbm zmxfd}ec tbmiz io dfvfdmgdx
E tbmiz tbet dfvfdmgd ~efd j e ofz` xbi}cd jm tbm e`i}gt cmot ivmz eotmz ecc ehhm~tejcm
fgvmxt`mgt i~~izt}gftfmx bevm jmmg }gdmzteamg' Tbfx e~~ziehb fghc}dmx tbzmm xtm~x;
Xtm~ 5; Dmtmz`fgm ftx i~tf`ec cmvmc io he~ftec mr~mgdft}zmx'
Xtm~ :; ]xfgl tbm i~tf`ec he~ftec xtz}ht}zm ~zi~iztfigx# mxtf`etm tbm titec e`i}gt io
mu}ft ofgeghfgl gmmdmd ti x}~~izt tbm mr~mgdft}zmx lmgmzetmd fg Xtm~ 5'
Xtm~ 8; Jmhe}xm tbm hixt io zmtefgmd mezgfglx# az# fx cmxx tbeg tbm hixt io gm| hi``ig
xtiha# ag# }xm io zmtefgmd mezgfglx ti `mmt tbm mu}ft zmu}fzm`mgt dmtmz`fgmd fg Xtm~ :' Fo
zmtefgmd mezgfglx ezm fgedmu}etm# xmcc gm| hi``ig xtiha' Fo ft fx fg mrhmxx io tbfx gmmd#
dfxtzfj}tm tbm x}z~c}x e`i}gttbm zmxfd}ecex dfvfdmgdx'
:'8': Dfvfdmgd fzzmcmveghm tbmiz
Ehhizdfgl ti dfvfdmgd fzzmcmveghm tbmiz |bfhb fx ~}t oiztb j @mztig B' @fccmz / Ozeghi
@idflcfegf "@/@& tbet fg e ~mzomht |izcd# tbm ofz`x vec}m fx dmtmz`fgmd xicmc j tbm
mezgfglx ~i|mz egd zfxa io ftx exxmtx egd tbet tbm `eggmz fg |bfhb ft x~cftx ftx mezgfglx xtzme`
jmt|mmg dfvfdmgdx egd fgtmzgecc zmtefgmd "egd zmfgvmxtmd& o}gdx dimx git eoomht tbfx vec}m'
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm < io :5
:'8'8 @ egd @x tbmizv
@ egd @x tbmiz xbi|x tbet fg e ~mzomht |izcd# hmztefgt# gi termx# gi tzegxehtfig hixt egd
gi itbmz `ezamt f`~mzomhtfig' Fg e ~mzomht |izcd tbm vec}m io tbm ofz` fx }geoomhtmd j tbm
dfxtzfj}tfig io dfvfdmgd' Ofz`x vec}m fx dmtmz`fgmd xicmc j tbm mezgfglx ~i|mz / zfxax io
tbm exxmtx "fgvmxt`mgt&' Fg zmx~igxm ti xt}dfmx xbi|fgl tbet cezlm dfvfdmgd hbeglmx eoomht
xbezm ~zfhm'
:'8'4 Jfzdfg- tbm Begd Tbmiz
Tbm jmcfmo# fg x}~~izt io dfvfdmgd zmcmveghm tbmiz# tbet fgvmxtizx xmm h}zzmgt dfvfdmgdx ex
cmxx zfxa tbeg o}t}zm dfvfdmgdx iz he~ftec lefgx' Xtihabicdmzx ^zmomz h}zzmgt dfvfdmgd'
O}gde`mgtec ti tbfx ~zi~ixftfig fx tbmfz Jfzdfg tbm Begd ezl}`mgt |bfhb x}llmxtx tbet
fgvmxtizx ezm zfxa evmzxm / ettehb cmxx zfxa ti h}zzmgt ex i~~ixftm ti o}t}zm dfvfdmgdx iz he~ftec
lefgx' E jfzd fg tbm begd fx |iztb t|i fg tbm j}xb' Hexb Dfvfdmgd zmd}hm }ghmztefgt
he}xfgl mezgfgl et e ci|mz zetm' Dfvfdmgd fghzmexm# zfxa dmhzmexmd# Ax dmhzmexm/ vec}m io tbm
ofz`x xtiha fghzmexm' Dfvfdmgd dmhzmexm# zfxa Fghzmexmd# Ax fghzmexm /vec}m io tbm ofz`x
xtiha dmhzmexm'
:'4 OEHTIZX EOOMHTFGL DF_FDMGD ^ICFHVTbm ofz`x dfvfdmgd ~icfh zm~zmxmgtx e ~ceg io ehtfig ti jm oicci|md |bmgmvmz tbm dfvfdmgd
dmhfxfig fx `edm' Ofz`x dmvmci~ ~icfhfmx higxfxtmgt |ftb tbmfz liecx'
e' Cmlec Higxtzefgtx; Mezgfglx cf`ftfgl tbm e`i}gt io dfvfdmgdx ti tbm x}` io tbmofz`x ~zmxmgt / ~ext mezgfglx fx xi`m tf`mx f`~ixmd' Dfvfdmgd `e git jm lzmetmz
tbeg `ixt zmhmgt egd ~ext mezgfglx' Dfvfdmgd `e jm lzmetmz tbeg `ixt zmhmgt
mezgfglx'
j' Higtzeht}ec Higxtzefgtx; Iotmg tbm ofz`x ejfcft ti ~e hexb dfvfdmgdx fxhigxtzefgmd j hmztefg zmxtzfhtfvm ~zivfxfigx fg e cieg elzmm`mgt' Higxtzefgtx ~zibfjft
tbm ~e`mgt io hexb dfvfdmgdx }gtfc e hmztefg cmvmc io mezgfglx bex jmmg ehbfmvmd'
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^elm 2 io :5
Higxtzefgtx io dfvfdmgd ~zitmht hzmdftizx ozi` cixxmx d}m ti fgxicvmgh ig tbm ~ezt io
tbm ofz`'
h' Fgtmzgec Higxtzefgtx; Tbm ofz`,x ejfcft ti ~e hexb dfvfdmgdx fx lmgmzecchigxtzefgmd j tbm e`i}gt io mrhmxx hexb evefcejcm zetbmz tbeg cmvmc io zmtefgmd
mezgfglx |bfhb ti hbezlm tbm`'
d' Lzi|tb ^zix~mhtx; Tbm ofz`x ofgeghfec zmu}fzm`mgtx ezm dfzmhtc zmcetmd ti tbmdmlzmm io exxmtx mr~egxfig tbet fx egtfhf~etmd' Ft `}xt mvec}etm ftx ~zioftejfcft egd zfxa
ti dmvmci~ fgxflbt fgti ftx ejfcft ti zefxm he~ftec mrtmzgecc' Et Lzi|tb xtelm# ofz`
gmmdx `izm o}gdx egd ftx dfvfdmgd fx `fgf`}`' Cfttcm iz gi lzi|tb ofz` `e
gmvmztbmcmxx ~mzfidfhecc gmmd o}gd ti zm~cehm iz zmgm| exxmtx egd dfvfdmgdx ezm `izm'
Gm| ofz` bex cf`ftmd xi}zhmx io o}gd' Cezlm `et}zm ofz` gmmdx `}ctf~cm ofgeghfgl
ectmzgetfvmx evefcejcm'
m' I|gmzx Higxfdmzetfig; Fg mxtejcfxbfgl e dfvfdmgd ~icfh# tbm ofz`x ~zf`ez highmzg
xbi}cd jm ti `erf`f{m i|gmz |mectb' Ft fx f`~ixxfjcm ti `erf`f{m mehb i|gmz |mectb'
Tbm ofz` `}xt mxtejcfxb e ~icfh tbet bex e oevizejcm moomht ig tbm |mectb io tbm
`ekizft io i|gmzx' Tbmzm ezm tbzmm higxfdmzetfigx;
f' Ter xtet}x io e ofz`x i|gmzx; Fo tbm ofz` bex e cezlm ~mzhmgtelm io |mectbxtihabicdmzx |bi ezm fg bflb ter jzehamt# ft `e dmhfdm ti ~e i}t e ci|mz
~mzhmgtelm io ftx mezgfgl ti ecci| tbm i|gmz ti dmce tbm ~e`mgt io termx
}gtfc tbm xmcc tbm xtiha'
ff' I|gmzx fgvmxt`mgt i~~izt}gftfmx; E ofz` xbi}cd git zmtefg o}gdx oizfgvmxt`mgt fg ~zikmhtx fmcdfgl ci|mz zmt}zgx tbeg tbm i|gmzx hi}cd ijtefg
ozi` mrtmzgec fgvmxt`mgtx io mu}ec zfxa'
fff' ^itmgtfec dfc}tfig io i|gmzxbf~; Fo e ofz` ~ex i}t e bflb ~mzhmgtelm iomezgfglx# gm| mu}ft he~ftec |fcc bevm ti zfxm |ftb hi``ig xtiha'
o' @ezamt Higxfdmzetfig; \mectb io tbm ofz`x i|gmz zmocmhtmd j tbm `ezamt ~zfhm iotbm xbezm' Ehhizdfgl ti dfvfdmgd zmcmveghm tbmiz# @ezamt ~zfhm io tbm xbezm fx
dfzmhtc fgoc}mghmd j tbm dfvfdmgd ~icfh io tbm ofz`' Xtihabicdmzx ~zmomz higtfg}i}x
dfvfdmgd'
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^elm 6 io :5
:'= TV^MX IO DF_FDMGD ^ICFHFMXTbmzm ezm dfoomzmgt t~mx io dfvfdmgd ~icfhfmx fg ~zehtfhm# e`igl tbmxm tbzmm io tbm `izm
hi``igc }xmd dfvfdmgd ~icfhfmx ezm dmxhzfjmd jmci|;
e' Higxtegt^ei}tZetfi dfvfdmgd ~icfhFt fgdfhetmx tbet e dfvfdmgd ~icfh jexmd ig tbm ~e`mgt io e hmztefg ~mzhmgtelm io mezgfglx ti
i|gmzx fg mehb dfvfdmgd ~mzfid' Tbm ~zijcm` |ftb tbfx ~icfh fx tbet fo tbm ofz`x mezgfglx
dzi~ iz fo e cixx ihh}zx fg e lfvmg ~mzfid# tbm dfvfdmgdx `e jm ci| iz mvmg gigmrfxtmgt'
Dfvfdmgd ~ei}t zetfi 0
j' Zml}cez Dfvfdmgd ^icfhE dfvfdmgd ~icfh# |bfhb jexmd ig tbm ~e`mgt io ofrmd dfvfdmgd fg mehb ~mzfid' Ft ~zivfdmx
tbm i|gmzx |ftb ~ixftfvm fgoiz`etfig tbmzmj `fgf`f{fgl tbmfz }ghmztefgt'
h' Ci| zml}cez egd Mrtze Dfvfdmgd ^icfhFt fx e dfvfdmgd ~icfh jexmd ig ~efgl e ci| zml}cez dfvfdmgd# x}~~cm`mgtmd j eg eddftfigec
dfvfdmgd |bmg mezgfglx ezm bflbmz tbeg giz`ec fg e lfvmg ~mzfid'
Edvegtelmx io ci| zml}cez egd mrtze dfvfdmgd ~icfh;
Xtejcm fghi`m
Higofdmghm
:'? DF_FDMGD ZMFG_MXT@MGT ^CEGX^cegx tbet ~mz`ft xtihabicdmzx ti bevm dfvfdmgd ~e`mgtx e}ti`etfhecc zmfgvmxtmd fg tbm
ofz`x xtiha' Dfvfdmgd zmfgvmxt`mgt ~cegx# |bfhb ezm zmomzzmd ti ex DZF^x# ecci|
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^elm 5> io :5
xtihabicdmzx ti j} eddftfigec xbezmx io e ofz`x xtiha ig e ~zi zete jexfx }xfgl tbm hexb
dfvfdmgd ~efd j tbm ofz`' Iotmg tbmzm ezm cfttcm iz gi jziamzelm ommx fgvicvmd |ftb DZF^x'
:'
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm 55 io :5
Xtiha dfvfdmgdx Dfvfdmgdx ~efd fg tbm oiz` io xtiha zetbmz tbeg hexb' Cfam xtihax~cftx# e xtiha dfvfdmgd dimx git bevm x~mhfofh mhigi`fh vec}m1 zetbmz# ft fghzmexmx tbm
titec g}`jmz io xbezmx io xtiha mehb xtihabicdmz i|gx' Et tbm xe`m tf`m# tbm xtiha
~zfhm ~mz xbezm dmhzmexmx jmhe}xm fgvmxtizx bevm git ~zivfdmd eg o}gdx oiz tbm
eddftfigec xbezmx io xtiha' E ofz` `flbt }xm e xtiha dfvfdmgd ti amm~ tbm ~zfhm io ftx
xtiha |ftbfg e ~eztfh}cez zeglm'
:'6 DF_FDMGD ^ICFHFMX EZI]GD TBM \IZCD
Tbmzm fx lzmet vezfetfig fg dfvfdmgd ~icfhfmx io ofz`x fg dfoomzmgt ~eztx io tbm |izcd' Fg `ixt
~eztx io tbm |izcd# dfvfdmgd ~icfhfmx ezm jexmd ig cihec ter ce|x' Oiz mre`~cm# fg hi}gtzfmx
|bmzm tbm ter ig he~ftec lefgx fx cmxx tbeg tbm ter ig dfvfdmgdx# ofz`x tmgd ti zmtefg lzmetmz
e`i}gtx io mezgfglx tbeg fg hi}gtzfmx |bmzm tbm ter hi`~egfmx tmgd ti ~e lzmetmz e`i}gtx
io mezgfglx ex dfvfdmgdx' Ecxi# fg xi`m hi}gtzfmx tbet bevm om| zml}cetfigx ti ~zitmht x`ecc
xtihabicdmzx'
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm 5: io :5
:'5> EG E^^ZEFXEC IO @MLBGE HM@MGT @FCCX CTD
Q@MLBGEHM@P
DF_FDMGD ^ICFHV
Ti egec{m dfvfdmgd ~icfh ft fx f`~iztegt ti egecxfx xi`m io tbm oehtizx tbixm ezm dfzmhtc
egd fgdfzmhtc fgoc}mghm ig tbm dfvfdmgd ~e`mgt io e hiz~izetfig' Ti egec{m tbm dfvfdmgd
~icfh ft fx f`~iztegt ti egec{m Gmt ~zioft eotmz ter# Mezgfgl ~mz xbezm# @ezamt ~zfhm io tbm
xbezm# Dfvfdmgd ~ei}t zetfig# dfvfdmgd fmcdx# zmtefgmd mezgfglx# zmfgvmxt`mgt ~ixxfjfcftfmx
mth'
Jeglcedmxb# jmfgl e tbfzd |izcd hi}gtz# dimx git ~ixxmxx eg edveghmd mhigi`' Bmzm# `ixt
io tbm fgvmxtizx jmcigl ti tbm ci|mz fghi`m lzi}~ |bi bex e lzmetmz gmmd oiz h}zzmgt dfvfdmgd
ex tb}x ~zmomz dfxj}zxm`mgt io bflbmz hexb dfvfdmgd' Fg eddftfig;
Fgvmxtizx bevm ceha io agi|cmdlm io fgvmxt`mgt / mezgfgl ~itmgtfec @eg ezm ~mgxfig bicdmzx iz cfvm xflgfofhegtc ig tbm mezgfglx Tbm fgvmxtizx ezm zfxa evmzxm Tbm mhigi`fh higdftfig io tbm hi}gtz fx git |mcc# lifgl tbzi}lb e zmhmxxfig
fmcdfgl e bflbmz gmmd oiz hexb dfvfdmgd
@eg io tbm` ezm xbizttmz` fgvmxtizx# mth'Tbmzmoizm# tbm fgvmxtizx ~zmomz egd dm`egd tbixm xtihax tbet fmcd e bflbmz e`i}gt io
dfvfdmgd# zmx}ctfgl fg e bflbmz `ezamt vec}m oiz tbixm xtihax' Ti x}~~izt tbfx e`~cfofmd gmmd
oiz hexb egd ti `erf`f{m tbm `ezamt ~zfhm ex |mcc ex `ezamt he~ftecf{etfig io tbm hi`~eg#
`ixt io tbm ofz`x fg Jeglcedmxb oicci| e ~icfh io dfvfdmgd |bfhb fx fg oeviz io e bflbmz
dfvfdmgd' I}z egecxfx io tbm xtiha mrhbeglm "DXM# HXM& ecxi x}llmxtx tbet tbm hi`~egfmxtbet ~e bflbmz dfvfdmgd bevm zmcetfvm bflbmz `ezamt ~zfhmx io tbmfz xbezmx'
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm 58 io :5
:'55 XTIHA X^CFT IO @MLBGEHM@
Tbm oehm vec}m io mehb xtiha |ex Ta'5>> d}zfgl tbm mgcfxt`mgt egd fg 56tb
Xm~tm`jmz :>5>
tbm hi`~eg mrmh}tmd tbm xtiha x~cft i~tfig egd oicci|fgl tbm hbeglm io tbm dmgi`fgetfig ioxbezmx egd `ezamt cit# tbm gm| oehm vec}m io tbm xbezmx io tbm hi`~eg jmhe`m Ta' 5>'>>
fgxtmed io Ta' 5>>'>> ~mz xbezm# `ezamt cit jmhe`m 5>> xbezmx fgxtmed io => xbezmx egd tbm
gm| edk}xtmd i~mg ~zfhm io xbezmx |ex Ta' :2>'6> ~mz xbezm' Tbm hi`~eg bex ::=>>4>>
i}txtegdfgl xbezmx io Ta'5> oehm vec}m fg tbm he~ftec `ezamt1 ft bex ~efd}~ he~ftec io Ta' ::=
`g egd e}tbizf{md he~ftec Ta' =>>> `g' Oiz i}z egecxfx |m |fcc higxfdmz tbm oehm vec}m io
Ta'5> egd ~zmxmgt ecc dete ehhizdfglc tbzi}lbi}t tbm zm~izt'
:'5: EGECVXFX IO GMT ^ZIOFT EOTMZ TER IO @MLBGEHM@
Ozi` tbm dete io Dbeae Xtiha Mrhbeglm egd @MLBGEHM@ ftxmco# tbm oicci|fgl tejcm bex jmmg
dmvmci~md oiz tbm Gmt ~zioft Eotmz Ter oiz @mlbge Hm`mgt @fccx Ctd'
Tejcm; Gmt ^zioft Eotmz Ter
Vmez :>>5 :>>: :>>8 :>>4 :>>= :>>? :>>< :>>2 :>>6 :>5>
Gmt ^zioft
Ta' "`g&
526'?8 2?'=< :?'>: 84'85 542'52 :8'58 585'66 =>'5=
Ti egec{m tbm `ivm`mgt io tbm gmt ~zioft# e cfgm hbezt bex jmmg dmvmci~md' Oicci|fgl cfgm hbezt fx
xbi|fgl tbm tzmgd io gmt ~zioft oiz @mlbge Hm`mgt @fccx Ctd'
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^elm 54 io :5
Ozi` tbm egecxfx ejivm |m heg xmm tbet tbm gmt ~zioft fx x}ddmgc fghzmexfgl egd dmhzmexfgl
ex mez limx j'
:'58 EGECVXFX IO MEZGFGL ^MZ XBEZM "M^X&
Ozi` tbm dete io Dbeae Xtiha Mrhbeglm egd @mlbge Hm`mgt @fccx Ctd' ftxmco# tbm oicci|fgl
tejcm bex jmmg dmvmci~md oiz xbi|fgl tbm Mezgfgl ~mz xbezm "M^X&'
Tejcm; Mezgfgl ^mz Xbezm io @H@C
Vmez :>>5 :>>: :>>8 :>>4 :>>= :>>? :>>< :>>2 :>>6 :>5>
Mezgfgl^mz Xbezm"Teae&
2'4:2 8'24< 5'5=< 5'=:= 8'882 4'?:2 ='2< :':8
\m agi| tbet#
Ozi` tbm tejcm ejivm |m heg xmm tbet# tbm M^X io @MLBGEHM@ |ex `erf`}` fg :>>5 egd
eotmz tbet ft xteztx ti dmhcfgm' Elefg eotmz :>>4 ft xteztx ti fghzmexm elefg' Eotmz lmttfgl citx iomr~mzfmghm ft fx ~ixxfjc tbet ozi` :>>4 @MLBGEHM@ fgvmxtmd fg tbm gm| i~~izt}gftfmx# ex
e zmx}ct M^X fghzmexmx'
:'54 EGECVXFX IO @EZAMT ^ZFHM IO TBM XBEZM
Oicci|fgl tejcm fx xbi|fgl tbm bfxtizfhec dete oiz xbezm `ezamt ~zfhm io @mlbeg Hm`mgt @fccx
Ctd' Tbm Dete ezm hiccmhtmd ozi` @MLBGEHM@ i~mzetfigec egd ofgeghfec dete io :>>8
:>55 io @mlbge Hm`mgt @fccx Ctd egd DXM |mjxftm' Tbfx tejcm heg jm higvmztmd ti e cfgm
hbezt ti xmm tbm lzi|tb io tbm @mlbge Hm`mgt @fccx xbezm ~zfhm' Oiz bi`ilmgmft io dete |m
ezm higxfdmzfgl Ta'5> oehm vec}m io tbm xbezm'
Tejcm; Vmez |fxm @ezamt ^zfhm io @MLBGEHM@ xtiha
Vmez :>>8 :>>4 :>>= :>>? :>>< :>>2 :>>6 :>5> :>55
@ezamt ~zfhm ~mzxbezm "Teae&
:
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^elm 5= io :5
Ozi` tbm tejcm ejivm |m heg xmm tbet tbm `ezamt ~zfhm io tbm xbezm fx fghzmexfgl ex mez ~exx
j' Fgftfecc tbm ~zfhm |ex Ta' :&' Tbfx ~zfhm cetmz fghzmexmd ti
Ta'4>> dze`etfhecc fg :>5>' Ozi` tbm cfgm hbezt |m heg xmm tbm ~zfhm |ex vmz ci| egd tbm
fghzmexmd tbm ~zfhm' Jmt|mmg :>>= egd :>>? tbmzm `e jm mrtmzgec ~zmxx}zm cfam ~icftfhec
}ghmztefgt egd livmzg`mgt fgtmzvmgtfigx' J}t oiz tbmfz moomhtfvm i~mzetfig d}zfgl :>>6 egd
:>5> tbm ~zfhm fghzmexmd ti Ta'4>> fg Dmhm`jmz :>5>' Tidex "Givm`jmz :8# :>55& hcixfgl
`ezamt ~zfhm io @MLBGEHM@ fx Ta' 58='5'
Tbm dfvfdmgd ~icfh tbet oicci|md j tbm hi`~eg bex eg f`~eht ig ftx xbezm ~zfhm' Ex tbm
lze~b xbi|x tbm xbezm ~zfhm bex eg fghzmexfgl tzmgd' Ex tbm hi`~eg dmhcezmd :=- dfvfdmgd
~mz xbezm ozi` :>>5:>>? tbfx |ex `izm tbeg ftx M^X xi tbm xbezm ~zfhm fghzmexmd egd
zmehbmd ti ta' :2' Fg :>>< egd :>>6 tbm dfvfdmgd 8>- egd 8=- egd tbm ~zfhm io tbm xtiha |ex
bflbmz' Ft heg jm ijxmzvmd ozi` tbm ~zfhm tzmgd tbet fgvmxtizx mr~mhtetfig egd ~zmdfhtfig oiz
tbm vec}m io tbm hiz~izetfig fx fghzmexfgl de j de' Xi tbm vec}m io tbm @MLBGEHM@ fx
`erf`f{fgl' Eotmz Dmhm`jmz :>5> |m ijxmzvmd e oecc fg Jeglcedmxb xtiha `ezamt# bmghm tbm
h}zzmgt `ezamt ~zfhm dimx git lfvm tbm ~zi~mz vec}etfig io tbm xtiha'
:'5= EGECVXFX IO ^ZFHM MEZGFGL ZETFI
^zfhm)mezgfgl zetfi fx tbm `ixt hi``ig `mex}zm io bi| mr~mgxfvm e xtiha fx' Tbm ^)M zetfi fx
mu}ec ti e xtiha,x `ezamt he~ftecf{etfig dfvfdmd j ftx eotmzter mezgfglx ivmz e 5:`igtb
~mzfid'
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm 5? io :5
E tejcm io mez |fxm ~zfhm mezgfgl zetfi io @MLBGEHM@ fx dmvmci~md ozi` tbm dete io
DXM'
Tejcm; Vmez |fxm ^zfhm Mezgfgl ZetfiVmez :>>5 :>>: :>>8 :>>4 :>>= :>>? :>>< :>>2 :>>6 :>5>
^)M Zetfi 8'?2 '?5 2 5?8'68
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm 5< io :5
Ozi` tbm cfgm hbezt ejivm |m heg xmm tbet dfvfdmgd ~ei}t zetfi fx oc}ht}etfgl' Ig tbm itbmz
begd Dfvfdmgd zetm fx higxtegt ":=-& }~ ti mez :>>? egd tbmg tbmzm fx oc}ht}etfig fg mez
:>>>6 egd elefg fg tbm mez :>5> tbm dfvfdmgd fx :=-' Bflbmz dfvfdmgd ~ei}t zetfi
"`izm tbeg 5>>-& fgdfhetmx bflbmz dfvfdmgd ~e`mgt tbeg M^X# f'm' xi`m io tbm zmtefg
mezgfglx |mzm ecxi dfxtzfj}tmd d}zfgl tbixm mezx' Ig tbm itbmz begd# dfvfdmgd ~ei}t zetfi
cmxx tbeg 5>>- fgdfhetmx xi`m ~iztfig io M^X |mzm am~t ex zmtefg mezgfgl ti `mmt ofgeghfgl
zmu}fzm`mgt'
:'5< Dfvfdmgd ^icfh Oicci|md J @mlbge Hm`mgt Ctd
Tejcm; Ofgeghfec Dete io @H@C ozi` :>>5-:>5>
Vmez M^X"Ta'&
^)M zetfi Xbezm ^zfhm"@AT'&
Dfvfdmgd^ei}t
Zetfi "-&
Dfvfdmgd
Hexb"-&
Jig}xXbezm
Titec
:>>5 2'4:2 8'?2 85'>: :6'?? := > :=
:>>: 8'24< '?5 84':2 8 :=
Titec 82'?
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7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited
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^elm 52 io :5
Ta'5'8: "Ta'8'2
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^elm 56 io :5
HBE^TMZ >8
HIGHC]XFIG /ZMOMZMGHMX
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^elm :> io :5
8'5 HIGHC]XFIG
@mlbge Hm`mgt `fccx Ctd' Q@MLBGEHM@P vfxfig fx ti xflgfofhegtc higtzfj}tm ti tbm
x}xtefgejcm dmvmci~`mgt egd lzi|tb io i}z hi}gtz ti|ezdx ftx ki}zgm oiz e jmttmz egd~zix~mzi}x o}t}zm egd ftx `fxxfig fx ti jm tbm cmedmz fg tbm hm`mgt xmhtiz io tbm hi}gtz j
zmgdmzfgl u}ecft ~zid}htx egd xmzvfhmx tbzi}lb `efgtefgfgl bflb xtegdezdx fg j}xfgmxx
i~mzetfigx egd ti jzfgl o}ccmxt xetfxoehtfig ti tbmfz vec}m xbezmbicdmzx# h}xti`mzx egd
m`~cimmx' Fg tbm cfgm io i~mzetfigec ~mzoiz`eghm io tbm hi`~eg d}zfgl tbm mez }gdmz
zmvfm|# tbm jiezd io dfzmhtizx fx ~cmexmd ti zmhi``mgd oiz ~e`mgt io :=- hexb dfvfdmgd ig
~ez vec}m io tbm xbezmx oiz tbm mez :>5>' @mlbge Hm`mgt `fccx Ctd' fx e E hetmliz xbezm#
"f'm' ft lfvmx `fgf`}` 5>- dfvfdmgd mehb mez ft fx ecxi e jc}m hbf~ xhzf~t egd cfxtmd fg DXM
:> Xbezm oiz ftx getfigec zm~}tetfig oiz u}ecft# zmcfejfcft egd tbm ejfcft ti i~mzetm ~zioftejc
fg liid tf`mx egd jed tf`mx' Ozi` tbm ~ext 5> mezx dfvfdmgd ~e`mgt dete ft fx oi}gd tbet
tbm hi`~eg oicci|x Zml}cez Dfvfdmgd ^icfh xfghm tbm mgcfxt`mgt fg tbm Xtiha @ezamt' Tbm
jiezd io dfzmhtizx io @MLBGEHM@ ofrmx tbm dfvfdmgd ~mzhmgtelm eotmz zmvfm|fgl tbm gmt
fghi`m egd zmtefgmd mezgfglx xft}etfig io tbm hi`~eg' Tb}x# fg tbm cfgm io i~mzetfigec
~mzoiz`eghm io tbm hi`~eg d}zfgl tbm mez :>5># tbm jiezd io dfzmhtizx fx ~cmexmd ti
zmhi``mgd oiz ~e`mgt io :=- hexb dfvfdmgd ig ~ez vec}m io tbm xbezmx oiz tbm mez :>5>'
Tbmfz mezgfgl ~mz xbezm "M^X& |ex Ta' :':8 egd ~zfhm ~mz xbezm |ex Ta' 4>> fg Dmhm`jmz
:>5>'
Tbm oehm vec}m io mehb xtiha |ex Ta'5>> d}zfgl mgcfxt`mgt egd fg 56tb
Xm~tm`jmz :>5> tbm
hi`~eg mrmh}tmd tbm xtiha x~cft i~tfig egd oicci|fgl tbm hbeglm io tbm dmgi`fgetfig io
xbezmx egd `ezamt cit# tbm gm| oehm vec}m io tbm xbezmx io tbm hi`~eg jmhe`m Ta' 5>'>>
fgxtmed io Ta' 5>>'>> ~mz xbezm# `ezamt cit jmhe`m 5>> xbezmx fgxtmed io => xbezmx egd tbm
gm| edk}xtmd i~mg ~zfhm io xbezmx |ex Ta' :2>'6> ~mz xbezm' Tbm hi`~eg bex ::=>>4>>i}txtegdfgl xbezmx io Ta'5> oehm vec}m fg tbm he~ftec `ezamt1 ft bex ~efd}~ he~ftec io Ta' ::=
`g egd e}tbizf{md he~ftec Ta' =>>> `g'
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8': ZMOMZMGHMX
5' ^zfghf~cmx io @egelmzfec Ofgeghm "5>tb Mdftfig Ci|zmghm K' Lft`eg:' Xhitt Jmxmcv / M}lmgm O' Jzflbe`# Mxxmgtfecx io @egelmzfec Ofgeghm# Tbfztmmgtb
Mdftfig# Tbi`xig Xi}tb-\mxtmzg# Ibfi# :>>?
8' |||'dxmjd'izl4' Egg}ec Zm~iztx egd Ehhi}gtx io @mlbge Hm`mgt @fccx Ctd'=' @igtbc Zmvfm| io Dbeae Xtiha Mrhbeglm Ctd'?' btt~;))|||'jexb}gdbezelzi}~'hi`)`h`c)`efg'bt`c
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