The category of listed Generation Next Fashion Limited 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, the company was shifted to ‘Z’ category for failing to hold Annual General Meeting (AGM) as required by law. The company will trade in ‘Z’ category from today Tuesday (January 07).
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 07 January.
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.
