Shepherd Industries' decision of purchasing shares of 'Shepherd Jeans'

BSEC halts Shepherd Industries' move

FE Report | Monday, 18 November 2019

The securities regulator has halted the execution of the Shepherd Industries' decision of purchasing the shares of another company 'Shepherd Jeans' by the assets of the former.

The securities regulator has halted the transfer of the assets of the listed Shepherd Industries as the Shepherd Jeans is a 'newly' private company.

According to a disclosure posted on the website of Dhaka Stock Exchange (DSE), the Bangladesh Securities and Exchange Commission (BSEC) has directed the Shepherd Industries to 'abstain' from execution of its decision.

Shepherd Industries wanted to purchase 15.5 million shares of Shepherd Jeans at a price of Tk 10 each by consideration of land, building and machinery for a sum of Tk 155 million.

The BSEC directive shall have immediate effect, said the disclosure posted on DSE website on Sunday.

The concerned BSEC official could not be reached for his comment in this regard.

Shepherd Industries, presently an 'A' category company, was listed on the stock exchanges in 2017.

The company' sponsor-directors hold 51.48 per cent shares, institutes 18.49 per cent, foreigners 19.84 per cent and general public 10.19 per cent as of October 31, 2019.

The share price of Shepherd Industries closed at Tk 32.30 each on Sunday with a loss of 1.52 per cent on the premier bourse DSE.