Production activities at the factory of Emerald Oil Industries Limited, listed on the capital market, have been suspended. As the company’s production activities have been suspended for more than 6 months, the Dhaka Stock Exchange (DSE) has sent the company’s shares to the ‘Z’ category as per the instructions of the regulatory body Bangladesh Securities and Exchange Commission (BSEC).
According to the source, the DSE sent a notice to the company on November 27 to inquire about the company’s production shutdown. In response, the company said that production has been suspended since January 1 due to insufficient gas supply at the factory. Although production has been suspended, the factory has not closed for a single day. As a result, the DSE has sent the company’s shares to the ‘Z’ category.
It is worth noting that the BSEC’s directive on Z category issued on May 20 states that a company can be classified as ‘Z’ category if it does not pay any dividends to investors for two consecutive years, does not hold regular AGMs as per the law, has stopped production or operations for more than six months without any specific reason, has accumulated losses exceeding the paid-up capital, and has not distributed at least 80 percent of the declared dividends within the stipulated time.
This information was revealed by sources at the Dhaka Stock Exchange (DSE).
