The category of C&A Textile Limited listed in the capital market has been changed. The company has been shifted from ‘B’ category to ‘Z’ category.
This information is known from Dhaka Stock Exchange (DSE) sources.
According to sources, Dhaka Stock Exchange has shifted the company to ‘Z’ category for failing to hold Annual General Meeting (AGM) on time as per BSEC conditions. The company will trade in the ‘Z’ category from today, Thursday (January 16).
Meanwhile, DSE has barred broker houses and merchant banks from extending credit facilities to the company due to the change in category. Which will be effective from today.
It is to be noted that BSEC’s directive issued on May 20 regarding Z class states that – if no dividend is paid to investors for two consecutive years, if regular AGM is not held as per law, if production or operations are stopped for more than six months without any specific reason, if accumulated losses exceed paid-up capital , a company can be categorized as ‘Z’ if it does not distribute at least 80 percent of the declared dividend within the prescribed period.
