Intech Limited, an IT sector company, decided not to pay any dividends to its shareholders for the fiscal year of 2021-22 ended on 30 June.
Despite the no dividend declaration, its share price increased by 1.24% to Tk24.50 in the early session till 10.16am on Monday (2 October) at the Dhaka Stock Exchange.
The company, in a disclosure on the Dhaka bourse, reported a loss per share of Tk1.15, which was Tk2.75 a year ago.
Its net asset value per share was Tk0.53 at the end of FY2021-22.
Due to substantial irregularities and discrepancies related to the company's assets and financial transactions, the securities regulator enlisted G Kibria & Co., chartered accountants, to undertake a special audit.
Concurrently, the existing statutory auditor, Islam Quazi Shafique & Co., identified that a significant portion of the company's assets, as disclosed by the previous management, were fictitious. These fictitious assets were adjusted against retained earnings.
Source: The Business Standard
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