Evince Textiles goes to 'Z' category today
The company recommends 'no' dividend
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Evince Textiles Limited (ETL), an 'A' category company, will be placed in 'Z' category today (Monday) as the company has not recommended any dividend for the year ended on June 30, 2018.
The company on Sunday became the worst loser following its 'no dividend' declaration.
On the day, the company's share price declined 30.0 per cent or Tk 4.50 to close at Tk 10.40 each.
The stock brokers and merchant bankers have also been requested to abstain from providing loan facilities to purchase security of the ETL.
As per rules, investors are not allowed to avail of the loan facilities against 'Z' category securities.
The board of directors of ETL recommended 'no' dividend for the year ended on June 30, 2018.
The company's earnings also declined for the year ended on June 30, 2018.
The company has reported consolidated EPS (earnings per share) of Tk 1.06, consolidated NAV (net asset value) per share of Tk 14.44 and consolidated NOCFPS (net operating cash flow per share) of Tk 2.85 for the year ended on June 30, 2018 as against Tk 1.16, Tk 14.73 and Tk 2.78 respectively for the same period of the previous year.
The company disbursed 10 per cent stock dividend for the year ended on June 30, 2017.
ETL was listed with the stock exchanges in 2016. The company's sponsor-directors hold 36.67 per cent shares while institutions and general shareholders hold 19.53 per cent and 43.80 per cent shares respectively as on August 31, 2018.