Alif Industries back in main market
FE Report | Thursday, 28 December 2017
Share trading of Alif Industries, which was in the OTC market for last eight years, will commence on the Dhaka Stock Exchange (DSE) main market from today (Thursday).
The board of directors of DSE has recently approved reenlistment of the company, paving the way for transfering it to the main trading board from the over the counter (OTC) market on some conditions.
Earlier, the Bangladesh Securities and Exchange Commission (BSEC) issued no objection letter to the company for re-enlistment with the stock exchange.
The premier bourse in a statement Wednesday said trading of the shares of Alif Industries has been transferred from the OTC market to the main market of DSE with effect from Thursday.
"As the company complied with all the regulations required for beginning trade in the main board, the bourse allows it to begin trading in the main market," said an executive of DSE.
Trading code for Alif Industries is "AIL" and DSE company code is 17436.
However, some conditions will be applicable for the trading of the shares of the company. For example, the reference price shall be the closing price of the company traded at the OTC market on December 24, 2017.
The company's share price closed at Tk 130 on December 24, 2017, according to DSE website information.
The circuit breaker and circuit filter (price limit) shall remain operative from the first trading day at DSE and the shares of the company shall be placed primarily under 'Z' category after re-listing from the OTC market till the next AGM of re-listing and there after the categorisation will be determined as per relevant provisions of the DSE, said the statement.
Meanwhile, the board of directors of the company has recommended 25 per cent stock and 10 per cent cash dividend for the year ended on June 30, 2017, according to the DSE website information.
The final approval will come during the annual general meeting scheduled to be held on December 31, 2017. In 2016, the company paid 31 per cent stock dividend.
Alif Industries, previously known as Sajib Knitwear, was listed on the capital market in 1995. The company was sent to OTC market in 2009.
The company's paid-up capital is Tk 300.78 million and authorised capital is Tk 500 million while total number of securities is more than 30 million.
Later, the DSE management allowed Wata Chemicals to main market from OTC market which started its share trading on the main market on May 14, 2014.
Each share of Wata Chemicals closed at Tk 267.10 on Wednesday, losing 2.13 per cent over the previous day.