BSEC rejects stock dividend by S S Steel

The securities regulator has turned down the declaration of stock dividend by S. S. Steel, a listed company.

The company's board of directors earlier recommended 2.0 per cent cash for general shareholders other than sponsor-directors and 8.0 per cent stock dividend for all shareholders.

The recommended cash and stock dividend were approved by the shareholders in the Annual General Geeting-2021.

Accordingly, an application was made by the company to the commission and the securities regulator has cancelled the said 8.0 per cent stock dividend for the year ended June 30, 2021, said a disclosure.

The S. S. Steel, presently an 'A' category company, was listed on the stock exchanges in 2019.

The company's sponsor-directors hold 31.79 per cent shares, institutes 11.02 per cent and general shareholders 57.19 per cent as on February 28, 2022.

The company's share price closed at Tk 19 each on Tuesday with a loss of 1.55 per cent or Tk 0.30 on the premier bourse DSE.

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