Berger, Walton, ICB asked to offload 10% shares in next one year

Bangladesh Securities and Exchange Commission (BSEC) has asked Berger Paints, Walton and Investment Corporation of Bangladesh to offload at least 10 per cent of their total shares in the next one year to comply with the securities rules.

A company needs to offload at least 10 per cent shares equivalent to 10 per cent of its paid-up capital, according to Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015.

However, data compiled by the Dhaka Stock Exchange shows that Walton Hi-tech Industries offloaded 0.97 per cent shares, while ICB issued 3.19 per cent and Berger Paints 5 per cent shares.

The companies will have to offload the required shares within a year, but they would not be allowed to issue more than 1 per cent shares in a month.