AB Bank moves to ‘B’ category at bourses
According to the bourses’ websites, the bank’s category was changed on Thursday
The publicly listed company, AB Bank Limited, will be placed in the "B"-category on the stock market on Sunday after it was upgraded from "Z"-category to "A"-category last Wednesday.
Last week, the stock was promoted from "Z"-category to "A" due to amended changes in the classification of "Z"-category stocks by the Bangladesh Securities and Exchange Commission (BSEC).
However, according to the websites of both the bourses, the category was again changed–from "A" to "B"–on Thursday.
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The bank recently issued a press release about both category change declarations of the stock exchanges within such a short period of time, in order to avoid confusion among investors and shareholders.
After two years of marginal performance, AB Bank has been able to show a substantial improvement during the calendar year 2019 because of the efforts of its board of directors and management, added the statement.
The bank will apply to BSEC, the Dhaka Stock Exchange and Chittagong Stock Exchange for reconsideration of its category upgrade to "A," the press release further informed.
