Stocks
DSE’s errors, Islami Insurance trade blocked
One of the listed new companies listed in the capital market Islami Commercial Insurance could not start trading due to a mistake of the Dhaka Stock Exchange (DSE). Islami Commercial Insurance was traded on CSE on Wednesday (December 14) but not on DSE. For that reason, the new date has been fixed on December 18.
In this regard, it has been said on behalf of DSE, “Due to unavoidable reasons, the share trading of Islami Commercial Insurance Company will start on December 18 instead of December 14.”
In the tumultuous capital market, the shares of the company raised in the IPO were not traded at the scheduled time amid a series of mistakes by DSE.
Sources responded the trades could not be started due to an error in the company’s trading code. Due to this the trade time has been changed and fixed on December 18.
When asked, a senior DSE official told Orthosongbad that the trade could not be started due to a mistake in the trading code. A new date has been set. The trade will start from next Sunday. But IT people can tell what kind of mistake has happened.
DSE Chief Regulatory Officer (CRO) Khairul Bashar phoned Abu Taher Mohammad’s several times to inquire about this, but he did not answered. At the same time, he texts but did not get any response either.
Prior on October 24 and October 30 this year, due to technical errors, transactions were not possible at the scheduled time in DSE. In this incident, Chief Technology Officer (CTO) Ziaul Karim was sent on compulsory leave by the regulatory agency BSEC.
The company’s IPO was approved in the 838th meeting of the Bangladesh Securities and Exchange Commission (BSEC) on September 15. (N) Category Islami Commercial Insurance’s trading code on DSE will be ICICL, and its company code is 25756. The company sent the shares allotted in the IPO to the applicants as Beneficiary Owners (BOs) on December 13. Applications for the company’s IPO were accepted from November 20 to November 24.
The general insurance sector company issued 2 crore 2 lakh 61 thousand 106 shares at the price of 10 taka each to raise 20 crore 26 lakh 11 thousand 60 taka from the sharemarket.
As per the last published audited financial statement for the financial year ended December 31, 2021, the company’s earnings per share (EPS) stood at Tk 1.82 paisa.
During this period the net asset value per share (NAVPS) including revaluation stands at Tk 20.96 paisa. And excluding revaluation, it is 17 taka 48 paisa.
ICB Capital Management, Prime Finance Capital Management and EC Securities Limited are acting as IPO issue managers of the company. Islam Aftab Kamrul & Company is acting as an auditor.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
