Nine listed cos postpone AGMs

Some nine listed companies have postponed their annual general meeting (AGM) due to `unavoidable' circumstances created following the outbreak of COVID-19.

The companies' AGMs for the year ended on December 31, 2019 were scheduled to be held by March 30 this year, according to information of Dhaka Stock Exchange (DSE).

The companies which postponed their AGM are: LafargeHolcim Bangladesh, IDLC Finance, RAK Ceramics, Brac Delta Housing Finance Corporation, Green Delta Insurance, Reliance Insurance, IPDC Finance, Nitol Insurance, and Prime Insurance. The companies were supposed to approve their financial statements and dividends, among others, at their AGMs.

In separate disclosures, the companies said the new date and time of the AGM will be notified later.

Of the companies which postponed their AGMs, LafargeHolcim Bangladesh recommended 10 per cent cash dividend, IDLC Finance 35 per cent, RAK Ceramics 15 per cent cash, Delta Brac Housing Finance Corporation 20 per cent cash and 15 per cent stock, Green Delta Insurance 15 per cent cash and 5 per cent stock, Nitol Insurance 15 per cent cash, Reliance Insurance 25 per cent cash, and IPDC Finance 10 per cent cash and 5 per cent stock.

Meanwhile, the securities regulator has the listed companies to hold AGM/EGM, board meeting, and disseminate price sensitive information using digital platforms to avoid large gathering in the aftermath of COVID-19.

The Bangladesh Securities and Exchange Commission (BSEC) issued the order on March 24. The regulatory order came following the proposals made by some listed companies and the Bangladesh Association of Publicly Listed Companies (BAPLCs).