All listed securities including mutual funds (MFs), except the state-run Bangladesh Shipping Corporation (BSC), have almost completed the conversion of share's face value into uniform value of Tk 10.0 each.
Presently, out of 324 listed securities, the shares of only Investment Corporation of Bangladesh (ICB) and BSC are being traded with a face value of Tk 100 each.
Meanwhile, the ICB set February 3, 2015 as record date for changing its face value into Tk 10 each following a regulatory directive issued in August, 2011.
As a result, after the record date set by the ICB all listed securities, other than only BSC, of the capital markets will be traded with a uniform face value of Tk 10.
Asked, an official of BSC said they need more time to bring required changes in Presidential Order under which the corporation was established.
"Conversion of face value is also a matter of the ministry. We need ministry's approval for changing face value. A meeting will be held today (Monday). The issue of changing the company's face value is likely to be discussed at today's meeting," Golam Hossain, the company secretary of BSC, told the FE.
On August 23, 2011, the securities regulator set Tk 10 as uniform face value of shares and the unit of mutual funds following an instruction of the ministry of finance (MoF) to reduce misinterpretation, confusion and manipulative attempts.
The securities regulator also set November 30, 2011 as record date for conversion of face value of all listed companies and mutual funds.
The companies which went public after November 30, 2011 were listed with uniform face value of Tk 10 per share.
Most of the companies, other than three companies such ICB, BSC and Janata Insurance, completed the conversion of share's face value into Tk 10 each within the deadline.
These three companies then sought time extension to complete legal procedures for changing face value.
Earlier, Janata Insurance completed the conversion of face value.
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