The Dhaka Stock Exchange (DSE) has downgraded 27 publicly listed companies from their current categories to the ‘Z’ category, effective from Thursday, September 26. This move impacts companies previously classified under the ‘A’ and ‘B’ categories, marking a significant shift for these firms due to their poor performance.
According to DSE sources, starting Thursday, these companies’ shares will only be traded under the ‘Z’ category.
The companies that have been reclassified are National Bank, BD Thai, Central Pharma, Phoenix Finance, Olympic Accessories, Western Marine Shipyard, National Tubes, Miracle Industries, GSP Finance, FAR Chemical Industries, Anlima Yarn, Atlas Bangladesh, Bay Leasing, Libra Infusion, Lub-Rref, SK Trims, Shepherd Industries, VFS Threads Dyeing, Energypac, Fortune Shoes, Pacific Denims, Khulna Printing, Advent Pharma, Desh Garments, Beach Hatchery, Indo-Bangla Pharma, and Associated Oxygen.
These firms are being moved to the ‘Z’ category due to their underperformance in various financial and operational metrics, raising concerns among investors and market regulators. The reclassification reflects their current inability to meet the standards required to remain in the ‘A’ or ‘B’ categories.
The ‘Z’ category typically includes companies that have failed to hold annual general meetings (AGMs), declared no dividends for a prolonged period, or are financially unstable, according to DSE guidelines.
