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26 listed companies' categories changed in first six months

FE Report | August 18, 2019 00:00:00

The categories of 26 listed companies were changed during January-June, 2019 based on their performances including the recommendation of dividends.

Of 26 companies, 14 were upgraded to 'A' category from their previous 'Z' and 'N' categories, according to information of Dhaka Stock Exchange (DSE).

Three 'Z' category companies were upgraded to 'B' category, while seven 'A' category companies were degraded to 'B' category.

Two 'A' category companies were also degraded to 'Z' category, the worst performing status, as they failed to declare any dividend.

To qualify in 'A' category, a company must be regular in holding annual general meeting (AGM) along with declaring dividend at the rate of 10 per cent or above.

A company which holds AGM regularly but unable to recommend dividend at least at the rate of 10 per cent is traded under the 'B' category.

Most of the companies which were upgraded to 'A' category were newly listed and traded under 'N' category.

The 'N' category companies which were upgraded to 'A' category are M. L. Dyeing, Indo-Bangla Pharmaceuticals, Advent Pharma, VFS Thread Dyeing, Kattali Textile, SK Trims & Industries, Bashundhara Paper Mills, Intraco Refueling Station, Aman Cotton Fibrous and Queen South Textile Mills.

Three 'Z' category companies namely Bangas, Shurwid Industries and Eastern Cables were upgraded to 'A' category.

The 'B' category company Bangladesh Autocars was also upgraded to 'A' category.

Presently the number of 'A' category companies is 220 on the premier bourse DSE.

Three 'Z' category companies namely Kay & Que (Bangladesh), Standard Ceramic and Hakkani Pulp & Paper were upgraded to 'B' category.

Seven 'A' category companies were degraded to 'B' category as they failed to recommend at least 10 per cent dividend.

The seven companies Appollo Ispat Complex, National Feed Mills, Regent Textile Mills, Central Pharmaceuticals, Paramount Insurance Company, Agrani Insurance Company, and FAS Finance & Investment.

Two 'A' category companies were degraded to 'Z' category due to their failure for recommending dividend. The companies are Keya Cosmetics and Delta Spinners.

Presently, the shares of 42 listed companies are being traded under the 'Z' category.

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