BSEC raises minimum price for another 4 companies
BSEC raises minimum price for another 4 companies
DHAKA, August 29, 2024 (BSS) – The Bangladesh Securities and Exchange Commission (BSEC) has lifted the floor price on the shares of four more companies.
The companies are BSRM Ltd, Khulna Power, Meghna Petroleum and Shahjibazar Power.
Currently, the reserve price applies only to two companies – Beximco Ltd and Islami Bank Bangladesh.
The Securities and Exchange Commission made the decision on Wednesday at an emergency meeting chaired by its chairman Khondoker Rashed Maqsood at its office in the city, according to a press release issued yesterday evening.
At the meeting, the BSEC also decided that the share price of all companies could rise or fall by up to 10 percent daily, with the minimum limit being 3 percent per day.
BSEC has also decided to terminate the Memorandum of Understanding (MoU) with the National Telecommunication Monitoring Centre (NTMC) and withdraw the letter sent by the Commission to the Financial Institutions Division.
The Securities and Exchange Commission also cancelled the appointment of national cricketer Shakib Al Hasan as special ambassador for the nationwide financial literacy program.
In addition, the meeting decided to take immediate legal action against those listed companies that have not paid the announced dividends on time and in accordance with the regulations.
On January 18 this year, the BSEC issued an order after the market closed to lift the price floor for all listed companies and mutual funds, except for the shares of 35 companies, in response to a long-standing demand from shareholders. The price floor for the other companies was also lifted gradually later.
Previously, the BSEC had introduced floor prices for all securities on July 28, 2022 to prevent stocks from falling below a certain level amid domestic and global macroeconomic tensions.
The share prices of most companies remained at their minimum price for an extended period of time, forcing investors to liquidate their holdings and triggering a liquidity crisis in the market.
