RegulatoryFASFIN

Brokers Asked to Suspend Margin Loans for FASFIN Shares

Published
Last verified by BullBD

Announcement summary

What happened
Brokers and merchant bankers were asked to stop providing margin-loan facilities for purchases of FASFIN shares.
Company
FAS Finance & Investment Limited
Announcement published

Original announcement

(Except For Opinion): The auditor of the company has given the following Except for opinion in the audit report of the company for the year ended on 31 December 2013: "Except for the effect on Financial Statements of the matter discussed in note 6.a.i. Note 6.a.i states that Due to unusual/unexpected fall in the share market, the market value of collateral securities as on 31 December 2013 fell value the receivable amount by Tk. 524,070,397 against which the company made provision for Tk. 71,641,066, which is equivalent to 13.66% of the net unrealized loss of outstanding margin loan to client. However, as per Bangladesh Securities and Exchange Commission (Merchant Banker & Portfolio Manager) Rules, 1996 the company may keep provision 1% on the outstanding of the total loan.

Source & verification

Source
Published company disclosure
Published through
Dhaka Stock Exchange
Announcement ID
616acf6b5a6b000040066211
Original publication
Last verified by BullBD
Translation
BullBD
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