Suspension of trading of Peoples Leasing and Financial Services (PLFS) shares has been extended for 15 more working days, as the liquidation process of the non-bank financial institution is underway.
This is the fourth time that the period of suspension of company share transactions has been extended. During this period the shares of the company will not be traded in the bourses in Dhaka and in Chattogram.
The board of directors of the Dhaka Stock Exchange and the Chittagong Stock Exchange took the decision to suspend the trading from September 29 to October 20.
Earlier, trading of shares of the company was suspended for 45 days in three phases.
Golam Faruk, acting director of Chittagong Stock Exchange, told the Business Standard that PLFS's liquidation process is underway. So, trading of the company's shares of has been suspended to protect investors' interest.
PLFS's accumulated losses are more than Tk2,324 crore. The capital deficit of the financial institution has crossed Tk2,000 crore, and 66 percent of the loans disbursed by the company is at default.