Confidence Cement PLC, listed in the stock market, has been downgraded to Z category. Due to this, the regulatory body Bangladesh Securities and Exchange Commission (BSEC) has summoned the top officials of the company.

Confidence Cement’s Managing Director (MD)/CEO, Chief Financial Officer (CFO) and Company Secretary have been ordered to appear at the BSEC office on December 8 at 11 am.

BSEC Executive Director and Spokesperson Mohammad Rezaul Karim gave this information on Wednesday (November 4).

He said that a BSEC meeting has been called with the top officials of Confidence Cement, which was recently downgraded to Z category. The meeting will be held at the BSEC building in Agargaon in the capital at 11 am on December 8.

Mohammad Rezaul Karim said that BSEC is meeting with the companies downgraded to Z category. BSEC is working to resolve the issue through meetings with the companies downgraded due to non-compliance in distributing dividends within the stipulated time.

Confidence Cement, listed on the stock exchange in 1995, has declared a 10 percent cash dividend for investors in the financial year ending June 30, 2024. Before that, in 2023, the company gave 5 percent cash and 5 percent bonus share dividend to investors. In 2022, the company also gave 5 percent cash and 5 percent bonus share dividend.

Although it declares regular dividends, the company did not distribute the latest dividend declared for the year ending June 30, 2024 to investors within the stipulated time. Due to this, the company was recently sent to Z Group.

The number of shares of this company with a paid-up capital of Tk 862.5 million is 862.53 thousand 790. Of this, entrepreneurs and directors hold 30.34 percent. Of the remaining shares, general investors hold 32.66 percent and institutional investors hold 37 percent.