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DSE upgrades Shurwid, Bangas to "A" category

Share price jumps more than 8.0pc each following the news


FE Report | Published: January 03, 2019 10:35:02 | Updated: January 04, 2019 10:34:45


Dhaka Stock Exchange (DSE) has upgraded two listed companies to "A" category from existing "Z" category as they have reported disbursement of 10 per cent or more than 10 per cent dividend.

The companies are: Shurwid Industries and Bangas Limited.

The trading with upgraded category of these two companies will be effective from today (Thursday).

To remain in "A" category, every company has to declare at least 10 per cent dividend every year.

Stock brokers and merchant bankers have also been requested to abstain from providing loan facilities for the purchase of these companies' share in the first 30 trading days after the change of categorisation, with effect from today (Thursday).

Shurwid Industries: Shurwid Industries was also placed in the "A" category from existing "Z" category as the company has reported disbursement of 10 per cent stock dividend for the year ended on June 30, 2018.

Shurwid Industries, which was listed on the DSE in 2014, declared "no" dividend for 2016 and 2017 and the company sent to "Z" category.

However, the company has reported disbursement of 10 per cent stock dividend for the year ended on June 30, 2018.

Following category change news, its share price also rose 8.24 per cent to close at Tk 31.50 each on Wednesday.

In the last one year, the company's share price traded between Tk 13.90 and Tk 31.80 each.

The company's paid-up capital is Tk 573.68 million and authorised capital is Tk 1.0 billion, while the total number of securities is 57.36 million.

The sponsor-directors own only 9.99 per cent stake in the company while the general public own 90.01 per cent as on November 30, 2018, the DSE data shows.

Bangas: Bangas was placed in the "A" category from existing "Z" category as the company has reported disbursement of 15 per cent stock dividend for the year ended on June 30, 2018.

The Bangas, which was listed on the DSE in 1984, declared "no" dividend for the year ended on June 30, 2017, subsequently, the company sent to "Z" category.

However, the company has reported disbursement of 15 per cent stock dividend for the year ended on June 30, 2018.

Following category change news, share price of Bangas rose 8.08 per cent to close at Tk 333.10 each on Wednesday.

In the last one year, the company's share price hovered between Tk 175 and Tk 370.

The company's paid-up capital is Tk 72.62 million and authorised capital is Tk 500 million, while the total number of securities is 7.26 million.

The sponsor-directors own 34.85 per cent stake in the company, while institutional investors own 6.05 per cent and the general public 59.10 per cent as on November 30, 2018, the DSE data shows.

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