BSEC refuses AB Bank right share approval
The commission has issued a letter to the bank on June 3 in this regard
The Bangladesh Securities and Exchange Commission (BSEC) has refused approval for AB Bank's right share offer.
The commission issued a letter to the bank on June 3 in this regard.
The letter said that the Commission is not in a position to consider the bank's application for issuance of rights shares.
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In the letter, the Commission also claimed that the bank did not submit any updated documents about the right share issue.
The BSEC also said that the bank did not even maintain any communication with the securities regulator.
In 2017, the bank proposed rights issue 3:2R (2 rights share against existing 3 shares) with face value of Tk10 each.
But from the same year, the bank remained in "Z" category in the stock market as it declared no dividend.
Even though its financial health improved, it could not get back the confidence of stock investors. And its shares have been trading at below face value of Tk10 since it's earning of the "Z" category.
