Keya Cosmetics Ltd has fixed the date of its annual general meeting (AGM) for the 2017-18 financial year as it was not held that year.
The company's 22nd AGM will be held on a digital platform on 22 October, said the company disclosure on the Dhaka Stock Exchange (DSE) website on Thursday.
The company's board of directors has also approved the validity of the existing record date – 12 December, 2018 – and the list of shareholders of the company will be prepared according to the existing record date.
The company recommended a 10% stock dividend for the 2017-18 financial year and posted a profit of Tk121 crore in its financial statement of 2017-18.
But due to the national election in 2018, the company could not hold its AGM for the financial year 2017-18. That is why they have failed to get shareholders' approval for the dividend and audited financial statement.
The unaudited quarterly financial report and yearly audited report of the financial year 2018-19 and 2019-20 were also not released for failing to hold AGMs.
As a result, the company's investors are completely in the dark about its financial and business related updates.
As per law, if a company fails to hold its AGM within the stipulated time, it will require approval from the High Court to hold the meeting later.
On 5 October, the High Court directed the company to hold its 22nd AGM and all subsequent AGMs within eight weeks of giving that order.
Keya Cosmetics has said the date, time, venue and other information regarding the 23rd and 24th AGMs will be announced within time as per the directive of the court.
The share price of Keya Cosmetics rose by 3.85% on Thursday in the Dhaka Stock Exchange (DSE) and the closing price of each share was Tk8.10.
In the last two months Keya Cosmetics' share price has soared by 170%, which investors have attributed to the news of the company getting approval to hold its AGM and a rumour that it is soon going to release its financial statements.
Sponsors and directors hold 46.27%, institutional investors 9% and general investors 44.73% shares of the company.