|
|
|
  |
| Sunday, 20 February 2005 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
MBSL declares 05% dividend The Merchant Bank of Sri Lanka (MBSL) has announced a first and final dividend of 05% for the year 2004 subject to shareholder approval at its AGM scheduled for end March. The dividend will be paid on March 31. MBSL was listed in 1991 and paid dividends every year until 1996. The highest dividend of 30% was paid in 1991. "Since 1998, MBSL has followed a strategy of steady growth backed with good systems and procedures. After learning lessons from the past, MBSL will not embark on high risk ventures. Investors are therefore unlikely to see spectacular results but would more likely see a steady growth", MBSL's Managing Director Sunil Wijesinha said. "We have a fine management team at the MBSL with loads of experience. They are all committed to making the MBSL the best merchant bank in the country", he said. MBSL commenced operations in 1982 as the pioneer merchant bank in the country and completes twenty-three years on March 4 this year. The bank says that its future dividend policy would be based on a lower dividend payout ratio until a substantial reserve is built. "A financial services company should first focus on building a good reserve before being generous with dividends as such a policy would be in the long-term interest of shareholders", Wijesinha said.
|
|
| News | Business | Features
| Editorial | Security
| Produced by Lake House |
