MJL, MI Cement seek jt meet with SEC, DSE

FE Report The authorities of Mobil Jamuna Lubricants (MJL) and MI Cement have demanded immediate joint meeting with the regulatory body and authorities of stock exchanges to resolve listing issues of the two companies. Azam Z Chowdhury, chairman of MJL, told the FE that although they had accepted all the proposals of regulatory body, they were yet to be listed with the bourses due to opposition from different quarters. "It is high time to hold a meeting with the authorities concerned to sort out ways of listing of the two companies complying with the existing laws for the greater interest of the general investors," said Mr Chowdhury. According to DSE sources, high officials of MJL recently visited the DSE office and proposed to offer bonus shares to its primary shareholders with a view to compensating them. Following the proposals, the DSE authorities made some observations, the sources added. Chief Finance Officer of the MI Cement Muktar Hossain Talukder told the FE that they did not think so that their shares were overpriced. But if the regulatory body suggests to make any compensation to the investors we are ready to do it, he added. He said that they discussed the listing issue with DSE authorities several times without any substantial results. Meanwhile, some capital market experts have opposed the proposal to issue bonus shares by means of compensation to the primary shareholders of MJL, saying that it would convey wrong message in the market and would also set up a bad instance.