The securities regulator and the premier bourse are yet in dark about service suspension of lone listed airliner United Airways (BD) whose 74.37 per cent shares are in the hands of general investors.
The officials of Dhaka Stock Exchange (DSE) and Bangladesh Securities and Exchange Commission (BSEC) said they are trying to contact with the United Airways (BD) which reportedly cancelled all its flights Wednesday for an indefinite period due to fund crisis.
Meanwhile, the share prices of the United Airways (BD) Ltd fell by 7.63 per cent on Thursday following the news on suspension of service by the company.
DSE managing director Dr. Swapan Kumar Bala said the company's service cancellation is a price sensitive information which must be made public.
"But we failed Thursday to reach United Airways (BD) authority to know the company's condition. No one received our phone calls from the company end. However, we sent fax to the company seeking clarification on their condition published in media," Bala said.
He said under the existing rules, the exchange cannot conduct enforcement action due to suspension of operation by any listed company.
Farhad Amhed, an executive director of the securities regulator, said they are also in touch with the DSE to know the latest condition of United Airways (BD).
"However, it's not right time speak about the United Airways (BD). However, we are trying to be informed of the situation," Mr. Ahmed told the FE.
As per the securities rules, the sponsor/directors of a listed company jointly will hold at least 30 per cent stakes of total paid-up capital.
Being failed to comply with securities rules, United Airways (BD) sought waiver from the provision of holding stipulated amount of stakes by sponsor/directors.
The company also tried to convince the securities regulator through the ministry finance for ensuring the waiver from minimum shareholding condition.
But the regulator recently ruled out the company's proposal.
The share price of the Airliner closed at Tk 10.9 each at the Dhaka Stock Exchange (DSE) Thursday. Its price movement ranged between Tk 11.6 and Tk 10.7 during the trading session.
Most of the shares of the company held by public - 74.37 per cent while only 8.44 per cent share in sponsor-directors' hand and rest of 17.19 per cent held by institutional investors, according to DSE website.
As per rules, any listed company or organisation should inform the DSE authorities about any decision they take.
On Wednesday evening, flight operation of the United Airways, which was listed with the stock market in 2010, was suspended for an indefinite period, after the private airline's new board failed to come up with plans to keep it afloat.
"Our flight will be suspended indefinitely from this evening onwards," flight operations director of the troubled airline M Elias told a news briefing at its headquarters in Uttara on Wednesday night.
Members of the new board, reconstituted on Monday after its founder Tasbirul Ahmed Choudhury was forced to resign, did not come to office for the last three days to guide the carrier out of crisis, he said at the briefing.
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