Shares of Sonali Paper have been trading on the bourse’s over-the-counter (OTC) market for the last 11 years for non-compliance of rules related to the main board of the stock exchanges
Share trading of Sonali Paper and Board Mills Ltd is set to resume in the main board on Sunday after getting the go-ahead from the Bangladesh Securities and Exchange Commission (BSEC).
On Thursday, the stock market regulator instructed the Dhaka and Chittagong stock exchanges to commence its share trading.
Shares of Sonali Paper have been trading on the bourse’s over-the-counter (OTC) market for the last 11 years for non-compliance of rules related to the main board of the stock exchanges.
According to the BSEC order, shares of the company’s directors will remain locked-in for one year. This time will be counted from the first day of the trading.
Meanwhile, stock exchange officials said that the company’s shares will begin trading on the bourses’ main board this week.
Recently, the BSEC halted the share trading of Sonali Paper, which was scheduled to begin on the main board of bourses on July 2 this year, as the regulator decided to scrutinize the company’s profile again to avoid criticism.
Earlier, the board of directors of the DSE had approved the re-listing of shares of Sonali from OTC market to DSE main board, the stock exchange said in a web posting.
Trading Code for Sonali Paper is “SONALIPAPR” and the DSE company code is 19503.The reference price and floor price will be the last closing price of the company traded at OTC market on January 30, 2020.
The open-adjusted price of the company’s share will be Tk273 each against the face value of Tk10.
The circuit breaker and circuit filter will remain operative from the first trading day, meaning share prices of the company cannot go up or down beyond the permissible limit.
The shares of the company shall be placed primarily under the ‘Z’ category after re-listing from the OTC market to the main market till the next annual general meeting and then after the categorization will be determined as per relevant provisions.
The company mainly produces white and printing papers, simplex papers and duplex papers.
Sonali Paper has raised its paid-up capital gradually by declaring bonus dividends since 2011 and its paid-up capital stood at Tk16.63 crore in 2019.
The company did not declare any dividend in 2017 and 2018.
The Sonali Paper and Board Mills started its business in 1977 and the company was listed with the DSE in 1985.