SEC to issue explanation letter to 3 cos

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FE Report
The SEC said it would issue explanation letter to three companies, which have declared to split the face value of shares from their existing value despite the securities regulator's restriction.
Recently three companies - Jamuna Bank, Summit Power Limited and Summit Alliance Port Limited - declared to split the face value of shares from existing Tk 100 to Tk 10.
But on March 1, the SEC said the face value of the companies' existing shares would remain unchanged. In future, the minimum face value of all the listed companies would be standardised.
The regulator also asked the listed companies to abstain from any announcement regarding face value splitting until the issue is dissolved.
"We will issue explanation letter to the companies, and if their reply is not satisfactory, the regulator will go for further action," SEC member Mansur Alam said.
These three companies have not even applied to the SEC for splitting their face value, he added.