Intraco Refueling shares drop 9.55% as it downgraded to Z
Dhaka bourse downgraded Intraco Refueling to the Z category due to failure to pay dividends in the stipulated time.
Following the category downgrade, Intraco shared dropped 9.55% to close at Tk18 in the first-hour session on Wednesday at the Dhaka bourse.
In October, the company recommended a 1% cash dividend which was approved during the annual general meeting held on 18 December.
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As per rules, dividends should be disbursed in the next 30 days from the annual general meeting date. However, Intraco did not comply with the rules, according to the Dhaka Stock Exchange.
