Directors reminded to buy back shares
Posted by jahedahmed
on on Sept. 1, 2012, 12:09 p.m.
Wed, Apr 4th, 2012 6:24 pm BdST
Dhaka, Apr 4 (bdnews24.com) – The Dhaka Stock Exchange (DSE) has reminded directors and sponsors of listed companies of the deadline to buy back shares in quantities specified by the Securities and Exchange Commission.
DSE CEO Musharraf M Hussain on Wednesday requested the directors to acquire minimum two percent shares, and sponsors and directors as a group minimum 30 percent shares in their companies before the May 21 deadline set by SEC.
In letters sent to the managing directors and CEOs of the companies, Musharraf enclosed copies of the SEC notification in this regard issued on Nov 22 last year.
The notification said directors or sponsors will lose their posts if they fail to comply with the requirement.
The SEC has made it clear that none will be spared if fails to meet the deadline to hold minimum amount of shares.
After meeting SEC chairman M Khairul Hossain on Monday, DSE president Rakibur Rahman had said the directors or sponsors will have to buy shares within the stipulated time.
"The SEC chairman has made it clear that neither the time will be extended nor any change will be brought to the rules," he had said.
He had also said the directors and sponsors will be reminded on behalf of the premier bourse.
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