Nine companies relegated to ‘Z’ category

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With the new inclusion, the number of total companies in ‘Z’ category stood at 51 on the country’s prime bourse Dhaka Stock Exchange (DSE)

Nine listed companies were relegated to 'Z' category from their earlier groups of ‘A’ and ‘B’ as they failed to declare any dividends for the year that ended on June 30, 2019.

The newly placed companies in ‘Z’ category are: Salvo Chemical Industry, Zahintex Industries, Usmania Glass Sheet Factory, R.N. Spinning Mills, Renwick Jajneswar and Co (Bd) Ltd, Intech Limited, Bd.Thai Aluminium, Khan Brothers PP Woven Bag Industries and Generation Next Fashions Limited.

With the new inclusion, the number of total companies in ‘Z’ category stood at 51 on the country’s prime bourse Dhaka Stock Exchange (DSE).  

 ‘Z-category Companies’ are those who fail to hold annual general meetings (AGM) or fail to declare any dividend based on their annual performances or which are not in operation continuously for more than six months.

Of the nine, RN Spinning was relegated to ‘Z’, as its operation had been closed for more than six months.

Salvo Chemical Industry

The board of directors of Salvo Chemical Industry recommended no dividend for the year ended on June 30, 2019. The company also reported earnings per share (EPS) of Tk. 0.61 for the year as against Tk0.74 for the same period of the previous year.

The Company was placed in 'Z' category from 'B' category with effect from October 28 this year. 

Zahintex Industries

The Company was placed in 'Z' category from 'B' category with effective from October 30, 2019 as the company reported no  dividend for the year ended on June 30, 2019.

The Company reported EPS of Tk2.24 in the negative and NAV per share of Tk22.49.

Usmania Glass Sheet Factory

The Board of Directors recommended no dividend for the year ended on June 30, 2019. The Company  reported EPS of Tk6.21 in the negative for the year as against -Tk1.50 for the same period of the previous year.

The Company was placed in 'Z' category from 'A' category with effect from October 30 this year.

R.N. Spinning

The Company was placed in ‘Z’ category from ‘A’ category with effect from October 10 this year as the company was not in continuous operation for more than 6 months.

The Board of the firm recommended no dividend for the year ended on June 30, 2019. The Company reported EPS of -Tk 15.47 for this year as against Tk 0.53 for the same period of the previous year.

Renwick Jajneswar

The Company was placed in 'Z' category from 'A' category with effect from October 29 this year as the company recommended no dividend for the year ended on June 30, 2019.

Intech Limited

The Board recommended no dividend for the year ended on June 30, 2019 and also reported EPS of Tk0.39 for the year as against Tk1.25 for the same period of the previous year.

The Company was placed in 'Z' category from 'A' category with effect from October 30 this year.

Bd.Thai Aluminium

The Company was relegated to 'Z' category from 'B' category,  effective from October 29 this year, as the company failed to recommend any dividend for the year ended on June 30, 2019.

Khan Brothers PP

The Company was placed in 'Z' category from 'B' category with effect from October 29 as it recommended no dividend for the year ended on the year.

Generation Next Fashions

The company was placed in 'Z' category from 'A' category with effect from October 29 this year as the textile company recommended no dividend for the year ended on June 30, 2019.

The DSE requested the stock brokers and merchant bankers for not providing any loan facilities to their clients for purchasing the shares of this companies.
Source: https://www.dhakatribune.com

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