• Tuesday, Oct 20, 2020
  • Last Update : 11:51 pm

BSEC suspends share trading of Beximco Synthetics

  • Published at 11:56 am September 8th, 2020
web-Bangladesh-Securities-and-Exchange-commission-BSEC
File photo of Bangladesh Securities and Exchange Commission Office in Dhaka Syed Zakir Hossain/Dhaka Tribune

The commission would form a policy regarding volunteer delisting of a company and settle the investors’ interest

Stock market regulator Bangladesh Securities and Exchange Commission (BSEC) has suspended share trading of Beximco Synthetics after the company applied for delisting its shares from both bourses.

BSEC issued letters to both the stock exchanges to suspend share trading of the company from Tuesday.

Regarding trading suspension of the company, BSEC asked bourses to comply with Provision 9(7) of the Securities Ordinance, 1969, where it said that the suspension of a company would be for a period of thirty days.

“The stock exchanges can extend the suspension period by 15 days at once. Suspension would continue to be extended until the commission makes a decision of delisting of the company or any other direction regarding the issue,” BSEC officials said.

They also said the company recently applied to the commission to delist the company and its sponsor-directors would buy shares from the general investors.

Then, BSEC decided to suspend the trading of the company's shares immediately after the company’s application for delisting its shares so that wrongdoers could not manipulate share prices of the company.

The commission would form a policy regarding volunteer delisting of a company and settle the investors’ interest.

Share prices of Beximco Synthetics closed at Tk 8.5 per share on Monday.

Beximco Synthetics continued incurring losses for years and failed to provide dividend for the shareholders. Thus, shares of the company are trading under Z-category also known as junk shares.

The company reported loss per share of Tk3.46, net asset value per share of Tk14.13 for the year ended on June 30, 2019.

The company's sponsors and directors jointly hold 35.67%, institutions 17.93%, foreign investors 0.02%, and general investors 46.38% of shares in the company.

The company was listed on the Dhaka Stock Exchange in 1993. The company belongs to the “Z”category. The company’s paid-up capital is Tk86 crore. 

54
51
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail