Dhaka, Bangladesh (BBN) – Bangladesh Service (BD Services) Ltd, a listed firm in Bangladesh’s stock market, will be placed in ‘Z’ category from the existing ‘A’ category, effect from today (Monday) as the company is not in operation for more than six moths, officials said.
The officials of Dhaka Stock Exchange (DSE) said the company will be placed in ‘Z’ category for breaching the regulation 2(z) of the Settlement of Stock Exchange Transactions Regulations, 2013.
According to the regulation 2(z), ‘Z-category Companies’ means the companies which have failed to hold the annual general meeting (AGM) or have failed to declare any dividend based on annual performance or which are not in operation continuously for more than six months or whose accumulated loss after adjustment of revenue reserve, if any, exceeds its paid up capital.
Meanwhile, the DSE have requested the stock brokers and merchant bankers for not providing loan facilities to their clients for purchasing the shares of Bangladesh Services.
As per the securities rules, stock brokers and merchant banks are not allowed to provide margin loan against the securities of ‘Z’ category.
BBN/SSR/AD-01Mar15-9:40 pm (BST)
