Wata Chemicals mulls comeback
Wata Chemicals seeks to relist its shares on the Dhaka Stock Exchange, which transferred the company to over-the-counter market four and a half years back.
The chemicals company filed an appeal after it became regularised in holding annual general meetings and paying dividends to its shareholders, according to the premier bourse.
Wata Chemicals was transferred in 2009 to the bourse's OTC market, a separate trading floor for trading of junk shares. The OTC market is meant for those companies that are not in operation or fail to hold AGMs or declare dividends or do not convert their paper shares into electronic ones.
Presently, 68 companies, including Wata Chemicals, are enlisted on the OTC market of the DSE.
This is the third time Wata Chemicals, which was listed on the stockmarket in 1992, sought to come back to the main market.
“The issue will be placed in the board meeting for taking decision on relisting of Wata Chemicals' shares,” said a top DSE official.
The company has been holding AGM regularly and paying dividends to the shareholders a year after its delisting from the main market. It disbursed 20 percent stock dividends in 2012, 12 percent cash dividends in 2011 and 10 percent cash dividends in 2010.
The majority of the paper shares, 88.97 percent, have been converted into e-shares, Wata Chemicals said in a letter to the DSE.
The company's net profit rose about 64 percent year-on-year to Tk 2 crore in 2012.
Each share of Wata Chemicals last traded at Tk 270 against the face value of Tk 100, before the DSE suspended the trading of the company in 2009.
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