BSEC summons Confidence Cement for dividend payment failure

The stock market regulator has ordered top officials of Confidence Cement to appear next Sunday, as the company has failed to pay dividends on time.

Bangladesh Securities and Exchange Commission (BSEC) asked the managing director, the chief financial officer and the company secretary of the cement manufacturer to be present at the BSEC's office in the capital at 11am on that day, according to a press release issued today.

Last September, the cement producer announced 10 percent dividend for 2023-24 fiscal year. The annual general meeting (AGM) of the company was held next month.

However, the Dhaka Stock Exchange sent the company to the Z category as it failed to repay the dividend within 30 days of the AGM held.

Md Delowar Hossain, company secretary of Confidence Cement, said the company paid dividend within the stipulated time in the last 32 years.

This year, it faced some difficulties as the business situation was quite stagnant in the last couple of months.

The company completed paying dividends on Wednesday and has already informed the regulators about the payment.

However, the bourses discarded the explanation Confidence Cement gave for the failure to pay dividends, Hossain said.