The Bangladesh Securities and Exchange Commission (BSEC), the regulator of the capital market, has directed to move United Airways (BD) Limited, a Z-listed company, to Over the Counter (OTC).
The BSEC on Wednesday directed the two stock exchanges to move the company to OTC.
This information has been known from DSE sources.
In the interest of investors, the BSEC has taken this decision in the power of the Securities and Exchange Ordinance, 1989.
United Air’s commercial activities, which came to an IPO in 2010, have been closed for several years. The planes owned by the company have crashed at airports in different countries including Dhaka. The company owes a huge amount of money to the authorities of different countries including the civil aviation authorities of the country. The paid up capital of this Z category company is Tk 628 crore. On the other hand, the accumulated losses have exceeded thousands of crores of rupees.
(Dhaka Times / 13 January / SI / KR)
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