The Dhaka Stock Exchange (DSE) has decided to review the performance of 13 listed companies which failed to declare dividend for the last five years.
“The performance of the following listed securities will be reviewed by DSE in line with regulation 51(1)(a) of the Dhaka Stock Exchange (Listing) Regulations, 2015,” said a statement posted on the DSE website on Tuesday.
The companies are: Meghna Pet Industries, ICB Islamic Bank, Dulamia Cotton Spinning Mills, Samata Leather Complex, Shyampur Sugar Mills, Zeal Bangla Sugar Mills, Imam Button Industries, Meghna Condensed Milk Industries, Kay & Que (Bangladesh), Savar Refractories, Beximco Synthetics, Jute Spinners and Shinepukur Ceramic.
The DSE statement said the issuers have failed to declare dividend (cash/stock) for a period of five years from the date of declaration of last dividend or the date of listing with the exchange.
According to DSE listing regulation 51(1)(a), if the issuer has failed to declare dividend (cash/ stock) for a period of five years from the date of declaration o f last dividend or the date of listing with the Exchange, the listed securities may be de-listed.
On July 18 last, the DSE delisted Rahima Food and Modern Dying & Screen Printing as the share prices of these companies surged abnormally despite the operations remained closed for more than three years.
According to the Listing Regulations-2015, listed securities may get delisted if it had stopped commercial operations, productions, or explorations for three consecutive years.
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