BSEC summons high ups of Confidence Cement over missed dividend deadline

The Bangladesh Securities and Exchange Commission (BSEC) has summoned top officials of publicly listed Confidence Cement to address the company's failure to comply with regulations regarding the timely disbursement of dividends.

The meeting between the company's officials and the commission will be held on 8 December at the BSEC headquarters, according to a press release issued by the commission on Wednesday night.

The regulatory authority has directed Confidence Cement's managing director or chief executive officer, chief financial officer, and company secretary to attend the meeting. 

Brief downgrade to Z Category  

On Tuesday, the Dhaka Stock Exchange (DSE), decided to downgrade Confidence Cement to the Z category, effective from the next day, owing to the company's failure to distribute its approved dividend within the stipulated time frame.

Before the downgrading, its shares were listed in the A category. 

The cement manufacturer declared a 10% cash dividend for its shareholders, which was approved at the annual general meeting (AGM) held on 23 October. 

However, it failed to disburse the dividend within 30 days of approval, as required by regulations, prompting the DSE to downgrade its category.  

In a disclosure yesterday (5 December), the DSE said Confidence Cement will be placed back in the A category from the existing Z category with effect from 8 December as the company has disbursed the approved 10% cash dividend.