Listed in the capital market under the insurance sector, Janata Insurance PLC has been reclassified from ‘A’ category to ‘Z’ category, according to information from the Dhaka Stock Exchange (DSE).
The downgrade was made because the company failed to distribute dividends within the stipulated timeframe, as required by conditions set by the Bangladesh Securities and Exchange Commission (BSEC).
Starting from October 9, the company will now trade under the ‘Z’ category.
Following the reclassification, broker houses and merchant banks have been instructed not to provide loan facilities against this stock. This directive is effective immediately.
