Dhaka, Jan. 5 -- Nine more companies were downgraded to the Z category on the Dhaka bourse with effect from Sunday, as they failed to hold annual general meetings (AGMs) within the stipulated timeframe.

Among the firms, Alif Industries, Best Holdings, Gemini Sea Food, First Securities Islami Bank, and Beach Hatchery have been relegated from the A category, while S Alam Cold Rolled Steel, Oimex Electrode, Kattali Textile, and Fu-Wang Food have been moved from the B category.

As per the listing regulations, listed companies must complete audits of annual financial reports within four months of the end of the financial year and hold an AGM within six months.

However, all nine companies, whose financial year ended in June last year, failed...