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Some cos including Sonali Paper of OTC mkt to be transferred to the main board

FE Report | July 01, 2020 00:00:00


Sonali Paper & Board Mills, a small-cap company of OTC (over-the-counter) market, will be listed on the main board of the Dhaka Stock Exchange (DSE).

The company's share trading will resume on the main board of the bourse on July 2 subject to fulfillment of some conditions.

The board of the premier bourse approved the company's listing at a meeting held on Sunday.

On the day, the DSE's managing director Kazi Sanaul Hoq said at a webinar that some other companies of the OTC market gradually will be transferred to the main board.

"The company's listing on the main board will be allowed considering their improvement in operations and compliances," the DSE managing director said.

He also said some companies are also awaiting the listing on the exchange's small cap board.

As per condition, the closing price of shares of Sonali Paper & Board Mills observed at OTC market on January 30 will be the floor price at main board.

The company's share price closed at Tk 273 each on January 30. So, Tk 273 will be the floor price of the shares of Sonali Paper & Board Mills at the main board.

Besides, circuit breaker will be imposed on price movement of the company's shares from the day of resuming trading at the main board.

The Bangladesh Securities and Exchange Commission (BSEC) launched the OTC market on September 06, 2009 in an effort to facilitate the trading of de-listed companies.

After delisting from board, a large number of non-performing companies including Sonali Paper & Board Mills were transferred to the OTC market.

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