Dhaka, Bangladesh (BBN)- The Securities Exchange Commission (SEC) has asked Grameenphone (GP) along with two bourses to explain by Thursday why they posted 'un-audited' financial statement of the fourth quarters.
"We've issued letters to the Grameenphone and two stock exchanges - Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) - to explain their positions on the violation of securities rules," a SEC senior official told BBN in Dhaka.
He also said the submitted fourth quarter financial statement ended on December 31, 2009 is actually the company's annual financial statement, which should be audited as per the commission rule.
Under the existing SEC rules, a company is allowed to post results of at least three quarters on the bourses' websites except the fourth quarter financial statements.
The mobile phone company declared its quarter four (Q4) financial statement on Tuesday, announcing an increase in annual profit.
Grameenphone's share prices rose by 2.89 percent and accounted for nearly 14 percent of Tuesday's turnover after it posted results the websites of two stock exchanges.
BBN/SS/SI/AD-11February10-11:20 am (BST)