DSE approves sector change of CVO Petro

The Board of Directors of Dhaka Stock Exchange (DSE) has approved the sector change of CVO Petrochemical Refinery Limited from "Food & Allied" to "Fuel & Power" sector with effect from today (Monday), officials said.
Following the sector change news, the company's share price jumped 7.49 per cent on Sunday though the stock market witnessed a sharp decline. The closing price of each share was Tk 827.8 Sunday from previous session's Tk 770.1. The market lot is 100 shares.
"The DSE approved the change as the company altered its business pattern from vegetable oil to petrochemical refinery plant and commenced its commercial operation thereof," said a company statement posted on the DSE website on Sunday.
The company will be also placed in "A" category from existing "Z" category with effect from today (Monday) as the Company has started its commercial operation, said the DSE statement.
The country's first ever public limited company in the sector, started production of fuel and chemical at its plant in Nasirabad industrial area on the Baizid Bostami Road on April 3, 2014.
The company was listed in the prime bourse in 1990 with the name, Chittagong Vegetable Oil. Of the total shares, 50 per cent shares are in sponsors/directors hands, 16.05 per cent in institutional investors' hands and 33.95 per cent in public hands.