Wata Chemicals starts trading on DSE tomorrow

Wata Chemicals will start trading on the main market of Dhaka Stock Exchange tomorrow after remaining on the OTC market for four and a half years.
The DSE in 2009 transferred the company to the OTC (over-the-counter) market, a separate trading floor for trading of junk shares.
The OTC market is meant for those companies that are not in operation or failed to hold AGMs or declare dividends or did not convert their paper shares into electronic ones.
The open-adjusted price of the company's share will be Tk 49.5 each against the face value of Tk 10 each, the DSE said in a web posting yesterday.
The circuit breaker and circuit filter will remain operative from the first trading day, meaning share prices of the company cannot go up or down beyond the permissible limit.
The company listed on the stockmarket in 1992 will also be placed in the premier bourse's A-category.
Earlier at a meeting on Thursday, the DSE board gave nod to Wata Chemicals for re-listing on the main market, as the company became regularised in holding annual general meetings (AGMs) and paying dividends to its shareholders.
However, Wata Chemicals has been holding AGMs regularly and paying dividends to the shareholders a year after it was delisted from the main market.
The company 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 also been converted into e-shares. The company's net profit rose about 64 percent year-on-year to Tk 2 crore in 2012.
On the main market, 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.