CHAPTER 1: INTRODUCTION

1.1 AN OVERVIEW OF DIVIDEND

A dividend is a distribution of a portion of a company's earnings, decided by the board of

directors, paid to a class of its shareholders. Dividends can be issued as cash payments, as shares
of stock, or other property.

The board of directors can choose to issue dividends over various timeframes and payout rates.
Dividends are typically monthly or quarterly. It is also common for a company to issue special
dividends either individually or simultaneously with a scheduled dividend. The dividend rate can
be quoted in terms of the Taka/Dollar amount each share receives (Dividends Per Share, or
DPS).

A company's net profits are an important factor in determining a dividend. Net profits can be
allocated to shareholders via a dividend, or kept within the company as retained earnings.
Dividend payments must be approved by the shareholders and are managed by the board of
directors.

1.1.1 TYPES OF DIVIDENDS

Based on its paying method, commonly two types of dividends are there:

i. Cash Dividends: Shareholders of record receive payment in the form of cash based on
how many shares of stock they own. However, to pay cash dividends, a company must
meet two conditions: It can’t pay cash dividends unless there are positive retained
earnings, and it must have enough ready cash to pay the dividends.
ii. Stock Dividend: A stock dividend is a dividend payment made in the form of additional
shares rather than a cash payout, also known as a "scrip dividend." Companies may
decide to distribute this type of dividend to shareholders of record if the company's
availability of liquid cash is in short supply.

1.1.2 DIVIDEND THEORIES

i. The Residual Theory of Dividend Policy: A residual dividend is a dividend policy

company management uses to fund capital expenditures with available earnings before

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 paying dividends to shareholders, and this policy creates more volatility in the dollar
amount of dividends paid to investors each year.
ii. Dividend Irrelevancy Theory, (Miller & Modigliani, M-M, 1961): Modigliani and
Miller suggested that in a perfect world with no taxes or bankruptcy cost, the dividend
policy is irrelevant. They proposed that the dividend policy of a company has no effect on
the stock price of a company or the company’s capital structure.
MM say that if an investor gets a dividend that’s more than he expected then he can re-
invest in the company’s stock with the surplus cash flow. If the expected dividend is too
small, then he can sell a part of his shares and replicate the same cash flow he would get
if the dividend was what he expected. In both cases, investors are irrelevant to what the
company’s dividend policy is because they can create their own cash flows.
Higher returns are what investors care about. They can have that return through re-
investing or selling a part of their shares. If the market conditions are perfect, then they
don’t care if the return is from dividends or from stock price appreciation.

Dividend Irrelevance Arguments

Dividend policy does not affect share price because the value of the firm is a function of
its earning power and the risk of its assets. If dividends do affect value, it is only due to:

a) Information Effect: The informational content of dividends relative to management's

earnings expectations. So, when the dividend is high, investors take it as a positive signal
and they bid up their share price. But, if the dividend is lower, investors take it as
negative signal and bid down or sell their shares.

b) Clientele Effect: A clientele effect exists which allows firms to attract shareholders
whose dividend preferences match the firm's historical dividend payout patterns. For
example: Hence, firms with older investors pay higher dividends and firms with wealthier
investors pay lower dividends.

iii. The Bird in the Hand Theory (John Lintner 1962 and Myron Gordon, 1963): The
essence of this theory is not stockholders are risk averse and prefer current dividends due
to their lower level of risk as compared to future dividends. Dividend payments reduce

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 investor uncertainty and thereby increase stock value. This theory is based on the logic
that what is available at present is more preferable to what may be available in the future.
Investors would prefer to have a sure dividend now rather than a promised dividend in
the future (even if the promised dividend is larger). Hence dividend policy is relevant and
does affect the share price of a firm.

1.1.3 FACTORS AFFECTING DIVIDEND POLICY

There are several factors affecting dividend policy which are Legal Constraints, Contractual
Constraints, Internal Constraints, Growth Prospects, Owner Considerations and Market
Considerations.

i. Legal Constraints: There is no such obligations on the distribution of firm’s

dividends. However, the certain conditions imposed by law regarding dividend
distributions. They are net profit, capital impairment rule and insolvency rule.
ii. Contractual Constraints: There many certain legal conditions on the company’s
cash dividend payouts in a loan agreement. These rules are in place to protect
creditor’s interest during the company’s insolvency.
iii. Internal Constraints: In spite of sufficient retained earnings, the firm may not be
able to pay cash dividend if the earnings are not held in cash. In this case, a firm
or company declares stock dividend instead of cash dividend.
iv. Growth: Firm has more expansion opportunities in the growth stage. But, at this
stage the firm would have to depend more on its internal financing. Thus, retained
earnings will go up as well as reinvestment will increase. So, dividend payouts for
firm will decreased.
On the other hand, firm’s expansion opportunities are moderate here and its
external funding are increasing. That’s why it’ll less depend on its own funding.
So, at this stage, retained earnings goes down as well as reinvestment is on
moderate rate. Thus, dividend payments are increasing at this stage.
v. Owner’s Consideration: Owner’s of a firm may consider 3 things:
a. Tax Status: If majority of stockholders are in high tax bracket then
reinvestment will increase, dividend will decrease as well as company’s future
capital will increase.

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 b. Investment Opportunities: A firm should not retain funds for investments
which are not projecting high return.
c. Potential Dilution of Ownership: If a firm pays most of t’s retained
earnings, it may have to issue new common stocks. New common stock may
create dilution of both control and earnings for the existing owners.,
vi. Market Consideration: Wealth of a firm’s owners reflected by the market price
of share. Market price is influenced by its dividend policy.
Stockholders prefer fixed or increasing dividend policy rather than fluctuating
pattern of dividend payments. They want to eliminates the uncertainty about the
frequency and magnitude of dividends. They consider informational content. If
the dividend policy is continuous then it is a positive signal of their good financial
health.

1.1.4 TYPES OF DIVIDEND POLICY

i. Constant Payout Ratio: Constant pay-out ratio means payment of a fixed percentage of
net earnings as dividends every year. The amount of dividend in such a policy fluctuates
in direct proportion to the earnings of the company. The policy of constant pay-out is
preferred by the firms because it is related to their ability to pay dividends. By this
process, company don’t have to pay dividend in those years in which it incurred loss.
ii. Regular Payout Ratio: In this type of dividend policy the investors get dividend at usual
rate. Here the investors are generally retired persons or weaker section of the society who
want to get regular income. This type of dividend payment can be maintained only if the
company has regular earning. If retained earnings are available certain percentage of face
value will be distributed as dividend. Even if net loss incurs dividend will be paid by
corporation. It is considered as a positive signal among shareholders. It stabilizes the
market value of shares. It helps in giving regular income to the shareholders.
iii. Low Regular and Extra Dividend Payout: In a low regular and extra policy, the firm
maintains a low regular dividend, supplemented with an extra cash dividend when
justified by higher earnings. This policy is used by companies that have large but
temporary increases in earnings.

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1.2 ORIGIN OF THE STUDY

Professor Dr. Tanbir Ahmed Chowdhury gave us the responsibility of preparing a report on
"Appraisal of Dividend Policy of Orion Pharma" by assigning it during the course “Managerial
Finance (Fin435)” of BBA program. This report is required as a part of fulfilling the course
Fin435. program. We have given our best effort to appropriately apply our potentiality and
theoretical knowledge to make this report reliable and information worthy.

Objective of The Report: The objective of this report is to pin point several factors:

 To present the principal activities of Orion Pharma Ltd.

 To appraise the dividend policy of Orion Pharma Ltd.
 To identify the problems of its dividend policy.
 To suggest remedial action for improvement of the dividend policy.

1.3 SCOPE AND METHODOLOGY OF THE STUDY

To conduct this report the information collects from various sources. Five and half year’s data
used to conduct this report (2011 to June 2016) and mostly collected from annual report of Orion
Pharma Ltd.

We’ve done this report based on some secondary sources of data such as company’s annual
reports, through web browsing, go through some journals, from firm’s website and Dhaka Stock
Exchange website. We could not use questionnaire and direct consultation with company as
sources of primary information because of some constraints that is why this project is totally
based on secondary information.

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1.4 LIMITATIONS OF THE STUDY
To make this report widely acceptable and lucrative we faced quite a lot of barriers. Those
barriers or limitations are given below:

 Some information was withheld to retain the confidentiality of the

organization.
 The time span was not sufficient enough to learn all the activities of the
organization properly.
 Lack of co-operation from the data source.
 Project is for academic purpose that is why time period is short.

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CHAPTER 2: APPRAISAL OF DIVIDEND POLICY OF ORION PHARMA LTD.

2.1 AN OVERVIEW OF ORION PHARMA LIMITED

ORION GROUP is a leading and continuously thriving corporation and a legendary brand name
in the business arena of Bangladesh and beyond. Orion has a long history of determination,
commitment towards excellence, integrity, and a firm promise to deliver value to its consumers
and clients since early '80s. ORION has taken the leadership in forging ahead with its operations
in Pharmaceuticals, Cosmetics & Toiletries, Real Estate & Infrastructure Development, Energy
& Power Sector, Aviation Management, hospitality, textiles, agriculture & other service sectors,
and many more are in the pipeline.

ORION PHARMA LIMITED (Orion Pharma/the Company), previously named as Orion

Laboratories Limited, a Company of Orion Group, was incorporated in 1965; and owns and
operates a modern pharmaceutical factory and produces and markets pharmaceutical drugs and
medicines. The company is a listed company with Dhaka Stock Exchange (DSE) and Chittagong
Stock Exchange (CSE) since 2013. It also owns approximately 21.76% shares of Orion Infusion
Limited, another concern of Orion Group and a public company listed with Dhaka Stock
Exchange and Chittagong Stock Exchange since 1994 and 1996 respectively.

With the aim of building a world class pharmaceutical industry in Bangladesh, Orion Pharma is
committed to deliver top quality essential general drugs, with long proven reliabilities to the
medical science community, healthcare professionals, chemists and patients through 121 brands
and 230 presentations of various formulations complying Good Manufacturing Practices (GMP)
and the guidelines of ISO-9001:2008. Orion produces a wide array of dosage forms including
tablet, capsule, syrup, suspension, injection, dry powder for syrup/suspension ranging in different
quintessential therapeutic groups like anticancer, antibiotics, antidiabetics, anxiolytics, diuretics,
cardiovascular drugs and the likes. Orion Pharma is constructing the BIGGEST Pharma Park in
Bangladesh. It is going to be one of the finest compositions with total pharmaceutical solutions
in this sub-continent.

Its registered corporate office building is situated at 153-154, Tejgaon Industrial Area, Dhaka
1208, and Bangladesh.

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2.2 APPRAISAL OF DIVIDEND POLICY OF ORION PHARMA

2.2.1 AUTHORIZED CAPITAL

Authorized share capital is the number of stock units that a company can issue as stated in its
memorandum of association or its articles of incorporation. Authorized share capital is often not
fully used by management in order to leave room for future issuance of additional stock in case
the company needs to raise capital quickly. Another reason to keep shares in the company
treasury is to retain a controlling interest in the company.

Yearly Authorized Capitals for Orion Pharma from 2011 to June 2016 are given below:

Year Authorized Capital (BDT)

2011 5,000,000,000
2012 5,000,000,000
2013 5,000,000,000
2014 4,000,000,000
2015-June 2016 4,000,000,000

2.2.2 PAID-UP CAPITAL

Paid-up capital is the amount of money a company has received from shareholders in exchange
for shares of stock. Paid-up capital is only created when a company sells its shares on the
primary market directly to investors.

Yearly Paid-up Capitals for Orion Pharma from 2011 to June 2016 are given below:

Year Paid-up Capital (BDT)

2011 1,550,000,000
2012 1,550,000,000
2013 2,340,000,000
2014 2,340,000,000
2015-June 2016 2,340,000,000

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 2.2.3 RETAINED EARNINGS

Retained earnings refer to the percentage of net earnings not paid out as dividends, but retained
by the company to be reinvested in its core business, or to pay debt. It is recorded under
shareholders' equity on the balance sheet.

Yearly Retained earnings for Orion Pharma from 2011 to June 2016 are given below:

Year Retained Earnings (BDT) Growth (%)

2011 801,602,533 -
2012 1,162,995,794 45.08%
2013 1,172,545,795 0.82%
2014 1,259,012,918 7.37%
2015-June 2016 1,199,115,795 -4.76%
Note: Growth of Retained Earnings 2012 = (RE 2012 – RE 2011)/RE 2011 * 100

Yearly Retained earnings for Orion Pharma from 2011

to June 2016
1400000000 1259012918 1199115795
1162995794 1172545795
1200000000
1000000000 801602533
Axis Title

800000000
600000000
400000000
200000000
0
2011 2012 2013 2014 2015-2016
YEAR

Retained Earnings

Figure 1: Annual Retained Earnings for Orion Pharma Ltd. (2011-2016)

The "retained" refers to the earnings after paying out dividends. Companies with increasing
retained earnings is good, because it means the company is staying consistently profitable. Orion
Pharma had higher retained earnings through 2012-June 2016, with slightly down in 2013 and
2015-June 2016. But the growth of RE was almost always positive as growth was negative in

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2015- June 2016 period. It had a huge growth in 2012, 45.08%. Orion Pharma did not distribute
its dividend in 2011 but in the next 4 years its dividend payments were constant and it also paid
bonus stock dividend in 2012.

2.2.4 NET INCOME

Net income (NI) is a company's total earnings (or profit); net income is calculated by taking
revenues and subtracting the costs of doing business such as depreciation, interest, taxes and
other expenses. This number appears on a company's income statement and is an important
measure of how profitable the company is over a period of time. Net income also refers to an
individual's income after taking taxes and deductions into account.

Yearly Net income (NI) for Orion Pharma from 2011 to June 2016 are given below:

Year Net Income (BDT) Growth (%)

2011 862,000,000 -
2012 933,040,000 8.24%
2013 908,860,000 -2.59%
2014 994,090,000 9.38%
2015-June 2016 1,323,000,000 33.09%

Yearly Net income (NI) for Orion Pharma from 2011 to

June 2016
1323.07
1400
NI BDT IN MILLION

1200 994.09
862.97 933.04 908.86
1000
800
600
400
200
0
2011 2012 2013 2014 2015-2016
YEAR

Net Income

Figure 2: Annual Net Income for Orion Pharma Ltd. (2011-2016)

The company's overall net income performance is very nice with almost always positive growth.
Though its growth rate in 2013 was slightly negative. It had its huge growth of NI in 2015-June

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2016 period. The company did not make any net losses through 2011 to June 2016, which is a
good signal for potential and existing customers.

2.2.5 EARNING PER SHARE (EPS)

Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share
of common stock. Earnings per share serves as an indicator of a company's profitability.

Yearly Earnings per share (EPS) for Orion Pharma from 2011 to June 2016 are given below:

Year EPS DPS Dividend Payout

Ratio
2011 5.56 - -
2012 5.02 2 20%
2013 4.06 1.5 15%
2014 4.25 1.5 15%
2015-June 2016 5.65 1.5 15%

Yearly Earnings per share (EPS) for Orion Pharma

from 2012 to June 2016
6 5.56 5.65
5.02
5 4.06 4.25
4
3
2
1 0 0.2 0.15 0.15 0.15
0
2011 2012 2013 2014 2015-2016
YEAR

EPS DPS

Figure 3: Annual EPS for Orion Pharma Ltd. (2011-2016)

From the above graph we can say, Orion Pharma’s EPS trend was in decreasing mode in 2013-
2014. It was a negative signal for both the company and its investors. A declining trend is a
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signal to investors that the company is in trouble, which can lead to a decline in the dividend and
thus the stock price would fall too. But in 2015- June 2016 its EPS was higher than previous
years.

Many investors watch these numbers carefully as better EPS means higher dividend payout ratio
and overall better stock performance. As per the data, we can say, Orion Pharma did not pay a
higher dividend as per their earnings. They did not pay any dividend in the year 2011. Thus, they
retain the large portion of earnings to support long term growth.

2.2.6 CASH DIVIDEND

A Cash Dividend is money paid to stockholders, normally out of the corporation's current
earnings or accumulated profits. All dividends must be declared by the board of directors, and
they are taxable as income to the recipients.

Yearly Cash Dividends for Orion Pharma from 2011 to June 2016 are given below:

Year Cash Dividend

2011 -
2012 390,000,000
2013 351,000,000
2014 351,000,000
2015-June 2016 351,000,000

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 Cash Dividend For Orion Pharma From 2011 To June June

Cash Dividend (BDT Millions)

2016
500
390
400 351 351 351
300
200
100
0
0
2011 2012 2013 2014 2015-2016
Year

Cash Dividend

Figure 4: Annual Cash Dividend Paid by Orion Pharma Ltd. (2011-2016)

Orion Pharma did not pay any cash dividend in 2011. From the retained earnings data we can
see, its retained earnings in 2011 was less than next years. So, from there we can assume that, by
not giving dividend in 2011 it had pull up its retained earnings and Orion Pharma was concerned
about its long-term growth as throughout 2012-June 2016 its cash dividend payments were stable
with almost no growth.

2.2.7 STOCK DIVIDEND

A stock dividend is a distribution of shares to existing shareholders in lieu of a cash dividend.

These types of dividends arise when a company wants to reward its investors but either doesn't
have the capital to distribute or it wants to hold onto its existing liquidity for other investments.
Stock dividends also have a tax advantage where they aren't taxed until the shares are sold by an
investor. This makes them advantageous for shareholders who do not need immediate capital.

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Yearly Stock Dividends for Orion Pharma from 2011 to June 2016 are given below:

Year Stock Dividends Amount (BDT) Outstanding Shares

2011 - - 155,000,000
2012 20% 390,000,000 155,000,000
2013 - - 234,000,000
2014 - - 234,000,000
2015-June 2016 - - 234,000,000

Yearly Stock Dividends for Orion Pharma from 2011 to

June 2016
STOCK DIVIDEND % OF OUTSTANDING

0.25
20%
0.2
0.15
SHARES

0.1
0.05
0% 0% 0% 0%
0
2011 2012 2013 2014 2015-2016
YEAR

Stock Dividend

Figure 5: Annual Stock Dividend Paid by Orion Pharma Ltd. (2011-2016)

Orion Pharma had paid stock dividend in only year 2012. By the cash dividend chart, we can
observe that OPL also paid cash dividend in 2012. So, we can assume that, Orion Pharma wanted
to give its investors some bonus. As well as, they were trying to increase its outstanding shares
as issuing stock dividends increase the numbers of outstanding shares of a company. From the
above table, we see, in 2012 its outstanding shares was 155,000,000 BDT. But in 2013-June
2016 this number goes upward 234,000,000 as it issued stock dividend of 20%.

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 2.2.7 DIVIDEND PAYOUT RATIO

Dividend payout ratio discloses what portion of the current earnings the company is paying to its
stockholders in the form of dividend and what portion the company is ploughing back in the
business for growth in future.

It can also be computed by dividing the total amount of dividend paid on common stock during a
particular period by the total earnings available to common stockholders for that period.

Yearly Dividend Payout Ratios for Orion Pharma from 2011 to June 2016 are given below:

Year Dividend Payout Directors' Recommendation of Ratios

Ratios Cash Dividend Stock Dividend
2011 - - -
2012 40% 20% 20%
2013 37% 15% -
2014 36% 15% -
2015-June 2016 27% 15% -

 Dividend Payout Ratio 2012 = (DPS 2012 / EPS 2012) * 100 = 40%

Dividends are usually cut due to factors such as weakening earnings or a limited amount of funds
available to meet the dividend payment. From the EPS table of Orion Pharma, we found that its
EPS was in declining mode through out 2012-2014. Where in 2012 it was 5.02%, it kept
declining as in 2013-2014 it became 4.02 and 4.06 respectively.

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 Yearly Dividend Payout Ratios for Orion Pharma from
2011 to June 2016
0.45 40% 40%
0.4 37% 36%
0.35
0.3 27%
RATIOS

0.25
0.2 15% 15% 15%
0.15
0.1
0.05 0% 0%
0
2011 2012 2013 2014 2015-2016
YEAR

Projected Dividend Ratios Directors' Recommendation of Ratios

Figure 6: Dividend Payout Ratios of Orion Pharma Ltd. (2011-2016)

Orion certainly lost its high earnings power and thus, it had to cut its dividend payout ratios in
2013-June 2016 period. The dividend cuts are seen as a negative signal. As a result, stock price
also declines. In 2013-June 2016 period Orion’s share prices were 58.70, 45.50, 36.80 BDT
respectively, where in 2012 it was about 60 BDT.

2.2.8 ASSET VALUE PER SHARE

An Asset Value Per Share is the total value of a fund's investments divided by its number of
shares outstanding. This type of asset value per share is more commonly referred to as "net asset
value per share" or simply "net asset value" or "NAV."

Yearly Asset Value Per Share for Orion Pharma from 2011 to June 2016 are given below:

Year NAV

2011 76.87
2012 82.42
2013 65.23
2014 67.50
2015-June 2016 69.99

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 2.2.9 MARKET INFORMATION AT PRESENT (2017)

Particulars Amount (BDT)

52 Weeks Price Range 39.40-55.00
Market Value of Share 49.00
Face/Par Value 10.00

2.2.10 DIVIDEND POLICY AND LIFE CYCLE STAGE OF ORION PHARMA LTD.

From the dividend payout ratios for Orion Pharma through the five and a half years (2011 to
June 2016), we can observe Regular Dividend Payout Ratios. In 2012, OPL paid 20% of face
value per share of cash dividend as well as stock dividend. And, in 2013 to June 2016 it paid a
certain percentage 15% of face value per share of cash dividend.

Year Cash Dividend Payout Ratios Stock Dividend Payout Ratios

2011 - -
2012 20% 20%
2013 15% -
2014 15% -
2015-June 2016 15% -

Orion Pharma LTD. is at growth stage of life cycle span. Consumers have come to understand
the value of the new offering, and their demand is growing rapidly. Profits usually are not their
priority, as OPL is spending on research and development or marketing more. For example, it is
now investing on their own project “The Biggest Pharma Park” of Bangladesh. This project is on
final stage, situated at Shiddhirganj, Narayanganj. In a view of expanding their market in
domestic as well as in Middle East, USA, Europe and African countries.

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CHAPTER 3: FINDINGS AND CONCLUTION

3.1 FINDINGS OF THE STUDY

Till now we’ve discussed about dividend policy with the related things of Orion Pharma Ltd. Our
analysis has shown that the overall performance of OPL is very good over five and a half years
period. The findings of the study are given below:

 By analyzing the net income prospect of OPL, we have found it in positive mode
through the period. Its growth rate was in increasing mode and in 2015- June 2016
period it had a huge growth of 33.09%. Better net income gives investors positive
signal and also the company can payout better dividends.
 Retained Earnings for OPL was also good over time. In 2012 it had a huge growth of
45.08% of RE. In 2011 it did not pay any dividend to its shareholders. This can be the
reason of higher RE in 2012, that the firm wanted to retain the large portion of
earnings to support long term growth.
 Dividend payout ratios for OPL was 15% of face value for 2013- June 2016, in 2012
it was 20%. OPL paid all of its dividends in cash except in 2012 it paid 20% stock
dividend as bonus share to the stockholders. As it paid its dividends in cash for most
of the time, it signals positive that they have enough cash in hand to pay cash
dividends.
 Dividend payout ratios of OPL indicates that its dividend policy is Regular Dividend
Policy. OPL paid a certain percentage of face value per share as their dividend and its
dividend payments were almost never decreased.
We assume, regular dividend policy is good for OPL as it can pay a stable dividend
over time which can make the investors positive about this company. As well as, its
dividend payments are not higher, where higher dividends may back fire firms
sometimes by not paying high at crisis as investors don’t like falling payments, it
would be safe for OPL to retain their portion of earnings as a support of growth.
Another is, OPL is a researched based firm. As pharmaceutical companies need to
invest at their Research and Development (R&D) more, it’ll be better to retain
earnings and reinvest more in high return areas for OPL.

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3.2 CONCLUSION

This report is conducted on the appraisal of dividend policy for 5 and a half years of Orion
Pharma Ltd. (OPL). After analyzing the relevant information, it can be said that OPL is
following dividend relevance theory and the firm pay cash dividend regularly and they pay stock
dividend as a bonus at frequent time period. The overall scenario of the corporation is up to the
mark. The statistics regarding net income, retained earnings shows that, the vital factors of the
organization are not much fluctuating rather it is much stable over time. It has been noticed that
during 2012, the overall business progress gained a leverage to perform better in the future. The
company has paid stock dividend only once during 2012 and it seems like that most of the
shareholders prefer current dividends rather future earnings as OPL paid cash dividends
regularly. The firm is in growth stage so it will require heavy financing in the near future to
invest in business expansion projects and research and development. Analyses regarding some
other factors show good condition of the organization. So, we can consider that OPL can
continue the dividend relevance theory till its mature stage. In terms of shareholding position,
most of the shares are public owned and after that there are directors/sponsors, there are some
institutional investors and no government owned shares.

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3.3 REFERENCE

i. Descriptive Data-Orion Pharma Ltd.: Annual Report (2011- June 2016), Retrieved From:
http://www.orionpharmabd.com/
ii. Gitman, Lawrance. J. (2009) Principals of Managerial Finance (12th Edition): Pearson
iii. Investopedia. Dividend Policy. Retrieved on 24th November, 2017 from:
https://www.investopedia.com/terms/d/dividend.asp

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