The Securities and Exchange Commission (SEC) yesterday directed the Dhaka Stock Exchange (DSE) to delist Eagle Box and Carton Manufacturing Company within two months.
The directive was made upon application by the company Chairman and Sponsor Director MA Matin on the grounds of closure of commercial operation of the issue since October 31, 2003, according to an SEC announcement.
The stock market watchdog also directed the chairman and sponsor directors to ensure immediate payment of money to the public and institutional shareholders willing to sell their shares to them at Tk 25.90 per share.
In this regard, they have been asked to notify shareholders at least in three widely circulated newspapers and send letters to the shareholders.
The SEC announcement said Eagle Box faced closure due to heavy losses and having no income resulting in termination of all the employees with benefits.
Under the circumstances, the company declared their intention to purchase all shares at a price claimed to be more than twice the face value of the shares.
Trading of the Eagle Box shares remained suspended for a long period.
