Share price of Samata Leather Complex Limited, a “Z” category company, is soaring despite the company is facing shortage of working capital.
Within a month, the company’s share price jumped nearly 40 per cent or Tk 20.10 each to reach at Tk 70.50 on Thursday last. The company’s share price was Tk 50.40 on November 19.
Following the recent abnormal price hike of the company’s share, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.
The company informed the DSE today (Sunday) that there is no undisclosed price sensitive information for recent unusual price hike of its shares.
“Our company could not be able to achieve any financial development because the company is still facing shortage of working capital,” said a disclosure posted on the Dhaka Stock Exchange (DSE) website on Sunday.
The disclosure also noted that Samata Leather Complex is still passing its shifting and construction process at Hemayetpur, Savar in Dhaka.
“We have no decision or resolution that may change the share price abnormally,” the disclosure said.
The “Z” category company, which was listed on the Dhaka bourse in 1998, failed to pay dividend over the years.
The company’s paid-up capital is Tk 102.30 million and authorised capital is Tk 500 million, while the total number of securities is 10.32 million.
Sponsor-directors own 50 per cent stake in the company while the institutional investors own 15.68 per cent and the general public 34.32 per cent as on November 30, 2017, the DSE data shows.
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