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Southeast Bank raises FY'16 dividend; plans to create new unit, issue rights

Southeast Bank Ltd. raised its dividend for the fiscal year ended Dec. 31, 2016, and plans to issue rights shares and set up a new subsidiary to run the bank's mobile financial services.

The bank will issue one rights share for two existing shares at an issue price of 12.50 Bangladeshi taka per share, according to an April 9 disclosure.

The bank will also form a new subsidiary, which will run Telecash, the bank's mobile financial services brand. The plans are subject to regulatory and shareholder approval.

The board also declared a 20% cash dividend for the fiscal year, up from the prior-year dividend of 15%.

As of April 7, US$1 was equivalent to 80.64 Bangladeshi taka.