Stocks
BSEC Issues New Guidelines for Moving Listed Companies to ‘Z’ Category
The Bangladesh Securities and Exchange Commission (BSEC), the regulatory authority for the stock market, has issued new guidelines for transferring listed companies to the Z category for non-compliance. From July 2, any listed company that violates specific conditions can be moved to the ‘Z’ category by the stock exchange.
On Monday (May 20), BSEC released these directives, outlining several conditions under which a company may be reclassified.
According to the guidelines, if a company fails to declare dividends for two consecutive years from the date of the last dividend declaration or from the date of listing on the stock exchange, it will be moved to the Z category. Additionally, failure to hold the annual general meeting (AGM) within the stipulated time as per law will result in the same action.
However, if an AGM is not held due to a court order or legal proceedings, this rule will not apply for up to two years, considering the extraordinary circumstances.
The guidelines also state that a company will be moved to the Z category if it ceases production for a continuous period of at least six months, except for periods allocated for restructuring or BMRE (Balancing, Modernization, Rehabilitation, and Expansion).
Furthermore, if the accumulated losses of a listed company exceed its paid-up capital, it will be transferred to the Z category.
Another condition includes failure to distribute at least 80% of the declared or approved dividends within the specified timeframe, leading to reclassification to the Z category by the stock exchange.
Trading of Z category shares will be settled on a T+3 basis.
These measures aim to ensure stricter compliance and maintain the integrity of the stock market.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
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.
