Four 'Z' category cos sent to OTC market

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FE Report
The Securities and Exchange Commission (SEC) Tuesday directed the Dhaka Stock Exchange to de-list four 'Z' category companies from the main bourses and send them to over-the-counter (OTC) market.
The SEC's order will come into effect from October 20 next.
The companies, which will be sent to the OTC market, are: Apex Weaving and Finishing Mills, Dhaka Fisheries, Monno Fabrics and Padma Cement.
An SEC official said decision was taken at a meeting of the SEC's market monitoring committee to send the companies traded in the 'Z' category for two years or more to the OTC market.
"These companies have a tendency to deprive their shareholders of dividends by remaining in the 'Z' category," he said.
Except the four companies, there are more 14 companies in 'Z' category, including Rupali Bank, ICB Islamic Bank, Delta Life Insurance, Aziz Pipes and Anwar Galvanizing.
Some investors has termed the regulator's decision discriminatory saying that the SEC has directed to de-list only four companies.
"Other companies are also depriving the investors of dividends. But the SEC has selected only four," the investors said.
However, the SEC Executive Director Anwarul Kabir Bhuiyan said the four companies that have been sent to the OTC market are now out of operation.