Bangladesh Securities and Exchange Commission (BSEC) has taken the initiative to discuss and coordinate with the listed companies of the capital market regarding the downgrade to Z category due to various reasons including non-compliance related to dividend distribution in the interest of the companies listed in the capital market and investors. Through discussion and coordination, Confidence Cement PLC has been promoted to ‘A Category’ due to the initiative and efforts of BSEC on the issue related to ‘Z Category’ in the interest of the investors.
This information was confirmed in a press release signed by BSEC Executive Director and Spokesperson Mohammad Rezaul Karim on Monday (December 9).
The release said that BSEC has taken the initiative to discuss and coordinate with the listed companies of the capital market regarding the downgrade to Z category due to various reasons including non-compliance related to dividend distribution in the interest of the country’s capital market and investors. The regulatory body is warning the listed companies to declare dividends within the stipulated time and distribute the said dividends as per the rules. BSEC will continue such activities and initiatives in the interest of the country’s capital market and investors in the future as well.
In this continuation, as a result of the initiatives and efforts of BSEC, the category of Confidence Cement PLC listed in the capital market has been upgraded from ‘Z’ to ‘A’. As a result of the prompt action and sincere efforts of BSEC, it has been possible to effectively resolve the issue of non-compliance related to dividend distribution of the said listed company.
At the same time, BSEC will take strict action against those companies and their directors that do not declare dividends within the stipulated time and distribute the said dividends as per the rules.
It is worth mentioning that the top officials of Confidence Cement PLC, which was downgraded to Z category, were summoned in a meeting organized by BSEC yesterday (December 8) at 11 am. The Managing Director or CEO, Chief Financial Officer and Company Secretary of Confidence Cement PLC were instructed to be present in the meeting held at BSEC Bhaban in Agargaon in the capital. Confidence Cement PLC was downgraded to Z category mainly due to non-compliance related to dividend distribution and the top officials of Confidence Cement PLC were summoned for discussion in that context.
Confidence Cement PLC has already distributed 10 percent cash dividend to investors for the ended financial year and completed the submission of the compliance report; in view of which the Dhaka Stock Exchange (DSE) upgraded Confidence Cement PLC from ‘Z’ to ‘A’ on Sunday.
