The category of National Feed Mills Limited listed on the stock market has been changed. The institution has been shifted from ‘B’ category to ‘Z’ category.
According to sources, the company was shifted to ‘Z’ category after failing to declare dividend for two consecutive years as per BSEC conditions. The company will trade in the ‘Z’ category from today (November 26).
Meanwhile, the DSE has barred broker houses and merchant banks from extending credit facilities to companies due to the divisional change. Which will be effective from today.
It may 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 more than six production or operations are stopped. month without any specific reason, if the accumulated losses exceed the paid-up capital, a company may be classified as ‘Z’ if it does not distribute at least 80 per cent. Dividends declared within the prescribed period.
This information is known from Dhaka Stock Exchange (DSE) sources.
