The assembly between the firm’s officials and the payment can be held on 8 December at the BSEC headquarters
TBS Report
06 December, 2024, 12:00 am
Last modified: 06 December, 2024, 12:00 am
The Bangladesh Securities and Alternate Price (BSEC) has summoned top officials of publicly listed Confidence Cement to handle the firm’s failure to conform with rules relating to the timely disbursement of dividends.
The assembly between the firm’s officials and the payment can be held on 8 December at the BSEC headquarters, in step with a press liberate issued by the payment on Wednesday night.
The regulatory authority has directed Confidence Cement’s managing director or chief executive officer, chief monetary officer, and firm secretary to attend the assembly.
Temporary downgrade to Z Category
On Tuesday, the Dhaka Inventory Alternate (DSE), made up our minds to downgrade Confidence Cement to the Z class, efficient from the following day, owing to the firm’s failure to distribute its accredited dividend inside the stipulated time physique.
Forward of the downgrading, its shares had been listed within the A class.
The cement manufacturer declared a 10% money dividend for its shareholders, which became once accredited at the annual overall assembly (AGM) held on 23 October.
However, it did not disburse the dividend inside 30 days of approval, as required by rules, prompting the DSE to downgrade its class.
In a disclosure yesterday (5 December), the DSE acknowledged Confidence Cement can be positioned relief within the A class from the present Z class with rep from 8 December because the firm has disbursed the accredited 10% money dividend.
