64 cos get Dec 31, 2022 deadline for raising paid-up capital

The securities regulator has asked 64 listed companies, including multinational ones, to raise their paid-up capital to Tk 300 million by December 31, 2022.

The Bangladesh Securities and Exchange Commission (BSEC) sent letters to the companies having paid-up capital shortfall on Thursday, asking them to comply with the listing regulations.

As per section 9 (i) of the Dhaka/Chittagong Stock Exchange (Listing) Regulations 2015, the listed companies must have a minimum paid-up capital of Tk 300 million.

"…you are requested to raise the paid-up capital in line with the regulatory requirement by December 31, 2022," reads the letter.

The BSEC has asked the companies to submit a specific and detailed proposal to the commission within 30 days from issuance of the letter.

"The commission will extend its cooperation in providing necessary regulatory approval, if any, and guidance for raising the paid-up capital as and when required for compliance," according to the letter.

Of the 12 listed MNCs, four will have to increase their paid-up capital to comply with the regulatory requirement.

Bata Shoe is required to increase the paid-up capital by Tk 163.20 million, Linde Bangladesh Tk 147.82 million, Reckitt Benckiser (BD) Tk 252.75 million, and Unilever Consumer Care Tk 180 million.

Of the local listed companies having paid-up capital less than Tk 300 million, the existing paid-up capital of Bangladesh Autocars is Tk 43.26 million only. The company is required to raise Tk 256.74 million to comply with the regulatory requirement.

Bangladesh Lamps will have to raise Tk 206 million, Kay & Que (Bangladesh) Tk 250.97 million, and Monno Agro & General Machinery Tk 272.68 million.

Among others, the paid-up capital of Renwick Jajneswar is Tk 20 million only. The company is required to raise Tk 280 million.