Keya not publishing financial statements

Keya Cosmetics, listed on Dhaka Stock Exchange (DSE), has violated regulations by not yet publishing the second and third quarterly financial statements of fiscal 2017-18.

Issuers of listed securities are bound to submit the statement (audited/un-audited) to the DSE and Bangladesh Securities and Exchange Commission (BSEC) within one month past each quarter.

They must also publish the same in at least two widely circulated national dailies.

This is because investors need to analyse information about companies, especially financial statements, to understand their condition before putting money into the market.

The BSEC compels the issuers to publish financial statements in due time by imposing a delay penalty of Tk 5,000 per day on defaulters, payable to the DSE.

The DSE website shows that Keya Cosmetics last published a financial report on December 20, 2017. It was of the first quarter of fiscal 2017-18 (July-September, 2017).

The same showed up on Keya Cosmetics' website.

A DSE official, requesting anonymity, confirmed that the company has not provided the reports of the following quarters.

“We will take action against the company if they do not publish quarterly reports on time,” said Saifur Rahman, spokesperson of the BSEC.

The BSEC took steps against many companies earlier for this reason, he added.

Abdul Kaleque Pathan, chairman of Keya Cosmetics, neither answered phone calls nor replied to an SMS and e-mails of The Daily Star.

Each share of Keya Cosmetics traded at Tk 9.70 on the DSE yesterday.