Bangladesh
6 years ago

Queen South Textile’s share price soaring sans PSI

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Representational image

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Share price of Queen South Textile Ltd is soaring without any price sensitive information (PSI) as the company’s price surged further by 2.78 per cent Sunday.

Within four trading sessions, the N-category issue’s price jumped more than 30 per cent or Tk 12 each to close at Tk 51.80 on Sunday on the Dhaka Stock Exchange (DSE). The company’s share price was Tk 39.80 each on May 14.

Queen South Textile made its share trading debut on the bourses on March 13 under ‘N’ category. On debut trading day, company’s share price soared 236 per cent to close at Tk 32.60 each.

The company’s share price came down to Tk 27 on March 29, this year. After that the company’s share price continued to rise with some periodic fluctuations.

Following the recent abnormal price hike, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.

However, the company informed the DSE Monday that there is no undisclosed price sensitive information for recent unusual price hike of its shares.

The company’s earnings per share (EPS) also fell to Tk 0.27 for January-March 2018 as against Tk 0.48 for January-March 2017.

In nine months for July 2017-March 2018, the company’s EPS was Tk 1.15 as against Tk 1.34 for July 2016-March 2017.

The net operating cash flow per share (NOCFPS) was Tk 0.31 for July 2017-March 2018 as against Tk 0.19 for July 2016-March 2017. The net asset value (NAV) per share was Tk 17.10 as on March 31, 2018 and Tk 16.68 as on March 31, 2017.

The company’s paid-up capital is Tk 1.0 billion and authorised capital is Tk 2.0 billion, while the total number of securities is 100.15 million.

The sponsor-directors own 53.23 per cent stake in the company while the institutional investors own 16.69 per cent, foreign investors 16.81  per cent and the general public 13.27 per cent as on March 31, 2018, the DSE data shows.

The Dhaka bourse also served show-cause notice on the company on April 30.

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