Dhaka, Bangladesh (BBN) - Bangladesh Shipping Corporation (BSC) has informed that it will converted face value to BDT 10 from existing BDT 100 as “Bangladesh Shipping Corporation Act-2017” has been passed in the National Parliament of Bangladesh, said an official disclosure on Wednesday.
As per the Bangladesh Shipping Corporation Act-2017, provision has been made to keep the face value of shares to BDT 10 each.
A record date will be declared later to change the denomination of its share from existing BDT 100 to BDT 10 each according to the act.
Meanwhile, as per a directive of the Bangladesh Securities and Exchange Commission (BSEC), trading of all listed companies would start with a uniform face value at BDT 10 from December 4 in 2011.
The BSEC had also set November 30 in 2011 as deadline to convert the face value of shares into BDT 10, and December 1 as record date.
Bangladesh Shipping Corporation (BSC) failed to meet the requirements due to non-availability of permission from respective ministries.
Earlier, there was a BSEC directive for the companies that they will not be able to trade without converting their face values. BSC had requested the securities’ regulator to allow trading of their shares with the unchanged face value.
The company’s share price traded between BDT 525 and BDT 559.50, before closing at BDT 521.80 on Tuesday, advancing 4.80 percent over the previous day.
BSC, which was listed on the Dhaka bourse in 1977, disbursed 12 percent stocks dividend for the year ended on June 2016.
The company’s paid-up capital is BDT 1.52 billion and authorised capital is BDT 4.0 billion, while the total number of securities is 15.25 million.
The government owns 52.10 percent stake in BSC, while institutional investors own 18.80 percent and the general public 29.10 percent as on March 31, 2017, the DSE data shows.
BBN/SA/AD