NEPSE Suspends the Trading of Salt Trading Corporation (STC) as the Company Declared Dividend During Business Hours

According to the official notice of the Nepal Stock Exchange (NEPSE), the transaction of Salt Trading Corporation Limited (STC) has been stopped as the company declared dividends to be issued to the shareholders without prior approval of NEPSE.

The letter regarding the dividend declaration of the Fiscal year 2078/79 by STC was received by Nepal Stock Exchange at 11.13 AM during business hours today.

The BOD meeting of STC held on Poush 28 at 8:30 AM proposed a 15% dividend from the profits of FY 78/79 for shareholders.

According to the provision in Regulation 22(1)(d) of the Securities Listing Regulations, 2075, if notices, information and decisions affecting securities prices are created, such notices, information and decisions must be submitted to NEPSE on the same day or the next day before the opening of business.

Since STC contradicted the rules outlaid by NEPSE, the trading of the securities of the said company has been suspended. Likewise, within 3 (three) working days, the company is required to submit an explanation in this regard.