2024-02-17 18:43:21
Shares of 22 companies listed in the capital market are going to start trading in ‘Z’ category from Sunday (February 18). Companies are being shifted to ‘Z’ category due to failure to hold Annual General Meeting (AGM) within the stipulated time, closure for more than six months and liabilities exceeding assets.
Recently the capital market regulatory body Bangladesh Securities and Exchange Commission (BSEC) has taken such a decision. This information is known from BSEC and both stock exchange sources.
The companies are – Alltex Industries, Aramit Cements, Aziz Pipes, Delta Spinning, FAS Finance & Investment, GBB Power, Intech, International Leasing & Financial Services, Kaya Cosmetics, Khulna Printing & Packaging, National Tea, Premier Leasing & Finance, Regent Textiles, Renwick Yajneshwar, Ring Shine Textiles, Safco Spinning, Standard Ceramics, Dhaka Dyeing, Union Capital, Uttara Finance & Investment, Yakin Polymers and Zahintex Industries.
Among them, Delta Spinning, Kaya Cosmetics and Uttara Finance and Investments are reportedly being shifted to ‘Z’ category for failing to hold Annual General Meeting (AGM) within the stipulated time.
GBB Power, Khulna Printing and Packaging, Regent Textiles and Yakin Polymers are being relegated to ‘Z’ category for being closed for more than six months.
Alltex Industries, Aramit Cements, Aziz Pipes, FAS Finance & Investments, International Leasing & Financial Services, National Tea, Premier Leasing & Finance, Renwick Yajneshwar, Ring Shine Textiles, Safco Spinning, Standard Ceramics, Dhaka Dyeing, Union Capital and Zahintex Industries. Being downgraded to ‘Z’ category due to higher liability.
According to the BSEC and stock exchange sources, the instructions issued by the BSEC on February 15, after the declaration of the next dividend, have been said to transfer the berth companies to ‘Z’ category. However, the 22 companies in question have not paid dividends for the past few years. Apart from this, it has been decided to transfer them to ‘Z’ category from tomorrow Sunday (February 18) due to several reasons including not holding AGM in the last few years, continuous loss in business and production stoppage and dwindling assets due to increasing liabilities.