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BSEC appoints 3 independent directors at Al-Haj Textile

Staff Correspondent
29 Aug 2023 00:56:50 | Update: 29 Aug 2023 00:59:12
BSEC appoints 3 independent directors at Al-Haj Textile

The Bangladesh Securities and Exchange Commission (BSEC), the stock market regulator, appointed three independent directors to Al-Haj Textiles Mills board of directors as the board of the non-performing company.

On Monday, the BSEC issued a letter to Al-Haj Textiles regarding the matter. The newly appointed independent directors are--Lt. Col. (LPR) AKM
Saiful Bahar, Associate Professor at the University of Dhaka Dr. Sadia Noor Khan, and Additional Secretary of the Ministry of Finance Mafiz Uddin Ahmed.

Through the issuance of this letter, dated August 17, 2023, the nomination of Md. Salim and Fahmid Wasik Ali,
as conveyed in the commission’s
earlier correspondence, is hereby revoked.

Al-Haj Textile, which was listed on the stock exchanges in 1983, it stopped its production operations on June 25, 2019. Currently, its shares are categorized under the ‘B’ category, and its shares are now being traded as low-profile and non-performing.

Earlier, in January 2021, the BSEC restructured the board of Al-Haj Textile by appointing three independent directors to the board of the non-performing company.

Each share of the company closed at Tk 185.7 on Monday, gaining 0.70 per cent over the previous day. Its shares traded between Tk 132 and Tk 213 in the last year.

The company disbursed only a 3 per cent cash dividend for the year ended June 30, 2022. The company’s paid-up capital is Tk 22.2 crore, and authorised capital is Tk 50 crore.