2024-03-03 12:29:31
Shares of 6 other listed companies will trade in ‘Z’ category from Monday (March 4). Regulatory body Bangladesh Securities and Exchange Commission (BSEC) has decided to shift companies 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.
On Sunday (March 3), Dhaka and Chittagong Stock Exchange (DSE-CSE) said this information.
The companies are – Prime Textile Spinning Mills, Prime Finance and Investment, New Line Clothing, Fareast Islami Life Insurance, AFC Agro Biotech and Active Fine Chemicals.
According to the data, out of the 6 companies whose shares are moving to ‘Z’ category from Monday, 2 are from the textile sector, 2 from the pharmaceutical and chemical sector, 1 from the financial sector and 1 from the insurance sector.
As a result, the number of ‘Z’ category companies on DSE will increase to 55 from Monday (March 4).
It is reported that failure to declare dividend for two consecutive years, failure to hold Annual General Meeting (AGM) for two consecutive years, if there is any writ petition or pending legal proceedings in court in case of non-holding of AGM; Stopping operations or production for 6 consecutive months, cash flow negative for 2 consecutive years, debt exceeding paid-up capital, and failure or non-compliance with securities laws, regulations, notices, orders or directives, the concerned company shall be ‘Z’ ‘ BSEC has decided to transfer to the category.
Following this, the six companies have been shifted to ‘Z’ category considering the overall aspect.
Earlier, on February 15, the regulatory body BSEC decided to transfer the shares of 22 companies to ‘Z’ category. Those companies started trading in ‘Z’ category from last February 18.
The companies are Alltex Industries, Aramit Cements, Aziz Pipes, Delta Spinning, FAS Finance & Investment, GBB Power, Intake, 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.