Investigation launched to determine compliance with listing regulations

BM Report:

A team of inspectors from the Dhaka Stock Exchange Limited (DSE) visited the Family Tex factory premises and head office on September 27, 2023, and October 9, 2023, respectively, to inspect their current operational status. To their surprise, they found the factory closed.

Furthermore, when the inspection team visited the head office located at House 127 (3rd Floor), Road 10, Block C, Niketon, Gulshan-1, Dhaka (as provided by the company), they discovered that the head office is being used by another company named Olila Glass Industries Ltd.

These findings have raised concerns about Family Tex’s compliance with the DSE’s listing regulations, which mandate that listed companies maintain operational facilities and provide accurate information about their business operations.

In response to these developments, the DSE has launched an investigation to determine whether Family Tex is in compliance with the listing regulations. The investigation will focus on understanding the reasons behind the factory closure and the misuse of the head office address.

If the investigation finds that Family Tex is in violation of the listing regulations, the company could face disciplinary actions, including suspension or delisting from the DSE.

Investors are advised to closely monitor the situation and exercise caution when making investment decisions regarding Family Tex.