Dhaka, Bangladesh (BBN)– Bangladesh Finance and Investment Company Limited (BD Finance) is upgraded to “A” category from “B” category, effective from Thursday, said an official disclosure on Wednesday.
“The company will be placed in “A” category from existing “B” category with effect from Thursday as the company has reported disbursement of 10 percent stock dividend for the year ended on December 31, 2015,” said the disclosure posted on the Dhaka Stock Exchange (DSE) website on Wednesday.
The stock brokers, merchant bankers and portfolio managers are requested not to provide loan facilities to purchase any security of BD Finance in first 30 trading sessions, starting from Thursday as per the securities regulator’s latest directive, said the disclosure.
The securities regulator Bangladesh Securities and Exchange Commission (BSEC) on October 27, 2015 put restriction on margin loan facilities for first 30 trading days of changing category of the listed companies as well as newly listed securities to contain ‘unusual’ price hike.
BD Finance was listed on the Dhaka bourse in 2007. Each share of company closed at Tk 11.50 on Wednesday, losing 0.86 percent over the previous day.
The sponsor-directors own 48.58 percent stake in the BD Finance, while the institutional investors own 14.58 percent, and the general public own 36.90 percent.
The company’s paid-up capital is BDT 1,258.67 million and authorised capital is BDT 2,000 million, while the total number of securities is 125,867,475. The total market cap of the company stood at BDT 1,460.06 million as on Wednesday.