ICB, BSC, Janata Ins to start trading with Tk 100 face value

FE Report Trading of ICB, BSC and Janata Insurance resumes Sunday (December 4) with existing face value of Tk 100, as the authorities of these three companies have failed to change denomination of shares. As per directive issued earlier by the Securities and Exchange Commission (SEC), these three companies were also supposed to change denomination of their shares by November 30 last, as the trading of all listed securities will start with a uniform face value of Tk 10 from December 4. But, state-owned enterprises, Investment Corporation of Bangladesh (ICB) and Bangladesh Shipping Corporation (BSC) need consent of parliament to amend their rules relating to change in denomination of shares which may take time. Accordingly, the authorities of these two companies have applied to the SEC to allow their shares trading with existing face value. A top SEC official said, considering the procedural and legal complications the regulator allows these two companies' trading with existing face value. On the other hand, Janata Insurance has no legal complications in changing denomination of its shares. However, the SEC official said the shares trading of the company will also resume Sunday with existing face value. A DSE official said the authorities of Janata Insurance did not clarify their position as to why they failed to change denomination of shares. As per SEC directive, the trading of all listed securities, except ICB, BSC and Janata Insurance, will resume Sunday with a uniform face value of Tk 10.