The Dhaka Stock Exchange has decided to re-enlist Wata Chemicals, an over the counter company since 2009, backtracking from the bourse’s earlier decision of not enlisting the company despite a BSEC green signal for enlistment. The DSE issued the approval in a board meeting held on Thursday as the management of the bourse recently visited Wata’s factory and reported that the company had fulfilled all the conditions for re-enlistment, DSE sources told New Age on Friday.
In 2009, the Dhaka and Chittagong stock exchanges delisted Wata Chemicals for non-compliance with the listing regulations, including non-issuance of dividends for shareholders of the company since 2003.
The DSE in August 2013 declined to re-enlist Wata, a Tk 4.05-crore paid-up capital company enlisted with the bourse in 1992, citing a cause that the company did not have adequate paid-up capital as per requirement of the listing regulations of the bourse for enlistment.
When any company applies for enlistment with the bourse after it is delisted, the bourse treats the company as new scrip, DSE’s highest authorities had told New Age after the refusal of Wata Chemicals’ enlistment.
As per the DSE’s listing regulation, a new company requires minimum Tk 30-crore paid-up capital for enlistment with the stock exchange.
The regulations also say if any company fulfills the conditions for which it has been delisted, the company will be eligible for re-enlistment.
The company for the first time in 2012 applied to the DSE and BSEC for re-enlistment after declaring more than 10 per cent dividend for its shareholders and holding AGM regularly for three years.
The BSEC on August 9 last year, issued no objection letter to the company for re-enlistment with the stock exchange and asked to consider Wata’s application as per the listing regulations.
The company, after the BSEC’s NOC, had filed another application to the DSE for re-enlistment on August 29, last year.
-With New Age input
