The Financial Express

Nine companies under regulator's scanner

| Updated: August 12, 2021 10:06:08

Nine companies under regulator's scanner

The securities regulator will probe into the trading of nine listed companies to find out unlawful or fraudulent activities occurred while conducting transactions of the shares of the companies.

To this effect, the Bangladesh Securities and Exchange Commission (BSEC) on Tuesday formed a four-member body to conduct an inquiry into the 'unusual transactions' of those companies' shares.

The companies are Anwar Galvanizing, GBB Power, Emerald Oil Industries, Bangladesh National Insurance Company, National Feed Mill, Paper Processing & Packaging, The Dacca Dyeing & Manufacturing Company, Fu-Wang Ceramic Industries, and Beacon Pharmaceuticals.

"The commission has decided that an inquiry will be conducted on whether any unlawful trading activities or any other unusual and fraudulent activities have occurred or not," said a BSEC order issued on Tuesday.

The committee led by BSEC director Sheikh Mahbub Ur Rahman has been asked to submit a report within 60 working days of the issuance of the order.

The committee's investigation areas include the fraudulent activities, price manipulating attempt, insider movement in trading by using undisclosed price sensitive information, unlawful trading and other malpractices occurred behind the unlawful trading in shares of nine companies.

Of nine companies, the share prices of five also rose abnormally in recent trading sessions conducted as on Monday.

Of the companies, the share price of Paper Processing & Packaging soared 72 per cent or Tk 68.9 in 14 sessions to close at Tk 164.70 as on Monday.

During the same period, the share price of Anwar Galvanizing went up by 31.06 per cent or Tk 75.8 to close at Tk 319.80 as on Monday.

The share price of Emerald Oil Industries rose 17 per cent or Tk 5.40 to close at Tk 37.5 in three sessions only as on Thursday.

The share price of GBB Power rose 14.15 per cent or Tk 4.6 in 14 sessions conducted till Monday.

The share price of Dacca Dyeing & Manufacturing Company rose 27.14 per cent or Tk 5.7 in six sessions to close at Tk 26.70 each as on Monday.

The share price of Fu-Wang Ceramic Industries closed at Tk 27.90 each on Thursday with a rise of 54.14 per cent or Tk 9.8 from the price observed on July 12.

Of other companies, the share price of Beacon Pharmaceuticals advanced 48.39 per cent or Tk 78.6 during July 15 to August 3.

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