25 firms warned for minimum shareholding failure

Bangladesh Securities and Exchange Commission (BSEC) gave an ultimatum to 25 companies to hold at least 30 per cent of shares for one month.

The commission yesterday sent letters to the managing directors of the companies, who failed to hold the minimum shares as per its directives.

The directors of all the listed companies were ordered to hold at least 30 per cent shares, according to the BSEC directives.

However, the BSEC found 25 companies failed to hold the minimum shareholding requirements till October 31.

The companies are Aziz Pipes, Fu-Wang Foods, Fas Finance, Active Fine Chemicals, Salvo Chemicals, Delta Spinners, Central Pharmaceutical, Appollo Ispat, Information Services Network, Generation Next Fashion, and RSRM Steel.

Apart from these, Alhaj Textile, Olympic Accessories, Shurwid Industries, Fareast Islami Insurance, Pharma Aids, Kattali Textile, Fu-Wang Ceramic, Mithun Knitting, C&A Textile, Familytex, Prime Insurance, Fine Foods, Agni System and Advent Pharmaceuticals are also in the list.

If the companies failed to hold the shares, they will be punished as per the BSEC order, the regulator said in its letter.