The companies will declare their revised AGMs’ dates, times and venues once the situation improves
Eleven publicly listed companies postponed their annual general meetings (AGMs) in the last seven days due to the coronavirus pandemic.
Another six listed firms postponed their board meetings for similar reason, according to separate web posts of the Dhaka Stock Exchange (DSE).
The companies will declare their revised AGMs’ dates, times and venues once the situation improves, while record dates and other information of the companies AGMs will also be changed.
The listed companies which postponed their AGMs are LafargeHolcim Bangladesh, IDLC Finance, RAK Ceramics, Prime Insurance, Nitol Insurance, IPDC Finance, Reliance Insurance, Delta Brac Housing Finance, Green Delta Insurance, Asia Insurance and Beach Hatchery Ltd.
The companies that postponed their board meetings are Bangladesh Welding, LankaBangla Finance, AB Bank, Brac Bank, Eastern Bank and ICB Islamic Bank.
Securities law made it mandatory that listed companies and mutual funds must prepare and publish their financial statements on quarterly and yearly basis within pre-determined time.
Listed companies get 30 to 45 days to prepare unaudited statements after each quarter ends while for annual audited statements, they get four months after their pre-declared fiscal year ends.
The statements must be approved in board meetings and later submitted to the stock exchanges and the BSEC before publishing those for shareholders.
Annual audited financial statement, dividend, appointment of next auditor and directors are subject to shareholders' approval in AGM, which must take place in time, no later than one year after the previous AGM.
Stock market regulator BSEC on Wednesday relaxed regulations for listed companies on holding physical annual general meetings, extraordinary general meeting and board meetings temporarily to curb the spread of coronavirus.
Under the revised rules, the companies could hold their required meetings digitally, instead of holding those physically.
The Commission asked Dhaka and Chittagong Stock Exchange authorities, as well as all listed companies to follow the relaxed directives.
The BSEC issued an official notice in this regard following appeals from some listed companies, seeking revision on the existing rules on holding mandatory meetings amid coronavirus outbreak.