Asiatic Laboratories downgraded to Z category
The Dhaka Stock Exchange (DSE) has downgraded Asiatic Laboratories from the N category to the Z category due to its failure to disburse the approved dividend within the stipulated time frame within one year of its listing on the bourses.
In an announcement today (29 January), the DSE stated that the reclassification complies with a securities regulator directive issued on 20 May last year.
The directive mandates that if a listed company or the issuer of listed securities fails to distribute at least 80% of the declared or approved dividend within the stipulated time frame, it must be reclassified into the Z category.
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The company's share price closed at Tk38.7 on the DSE on Thursday.
The stock market regulator has uncovered false documents related to land ownership, inaccurate financial statements, and fraudulent reports of share money deposits submitted by Asiatic Laboratories, whose initial public offering (IPO) is currently in progress.
In October 2023, the Bangladesh Securities and Exchange Commission (BSEC) imposed a penalty against its directors because they provided false documents related to land ownership, inaccurate financial statements, and fraudulent share money deposit reports.
In the July-September quarter, the company's earnings per share stood at Tk0.24, which was Tk0.92 in the same period of the previous year.
