BSEC puts back Dragon Sweater on public market

Staff Correspondent | Published at 12:05am on September 07, 2018

The Bangladesh Securities and Exchange Commission on Thursday lifted restriction it imposed on Dragon Sweater and Spinning Limited and put back the shares of the company on the public market from the spot market.
The commission issued an order in this regard with an effect from September 9 for the interest of investors and securities market, a BSEC press release said.
It also said that the regulator came up with the decision as it observed some satisfactory changes in the status of Dragon Sweater in respect of corporate disclosure and other factors.
The BSEC also directed the Dhaka Stock Exchange and the Chittagong Stock Exchange to place the shares of Dragon Sweater from the spot market to the public market for transactions.
Moreover, financial adjustment facilities in transactions of the shares of the company will be applicable as per the existing rules, said the press release.
Earlier on August 16, the BSEC sent five companies — Monno Ceramic Industries, Key&Que, Aziz Pipes, Stylecraft and Dragon Sweater and Spinning — to the spot market for the unusual price hike of their shares.
On the same day, it also suspended trading of the shares of three companies — Monno Jute Stafflers, BD Autocars and Legacy Footwear — for next 30 trading days following unusual and astronomical hike in the prices of their shares following weeks of criticism over lack of action from the market regulator in reigning in the unusual price hike of the companies.
BSEC executive director and spokesperson Saifur Rahman told New Age that the commission continued scanning four other companies, and if the companies improved their status by obeying securities rules, they might also be put back on the public market soon.