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The Financial Express

Share prices of Heidelberg, Agrani, Asia Pacific General insurance companies soaring sans PSI

| Updated: April 23, 2021 10:43:44


Share prices of Heidelberg, Agrani, Asia Pacific General insurance companies soaring sans PSI

The share prices of three more companies --- Heidelberg Cement, Agrani Insurance and Asia Pacific General Insurance - are soaring without having any undisclosed price sensitive information (PSI).

Share price of Heidelberg Cement continued to rise as its share price jumped 44 per cent or Tk 71 each within 12 trading days. Its share price was Tk 162.6 in 12 sessions back on April 4.

The multinational cement manufacturer's share closed at Tk 233.60 each on Tuesday, rising further by 8.75 per cent over the previous day.

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

The company, however in a knee-jerk response informed the DSE on that there is no undisclosed price sensitive information of the company for recent unusual price hike and increase in volume of shares.

Even after being served show-cause notice, the company's share price has not stopped rising, rising 8.75 per cent further on Tuesday, which may hit innocent investors, said an analyst at a leading brokerage firm.

He also advised investors to make their investment decisions based on company's fundamentals, technical analysis, price level, disclosed information and avoid rumor-based speculations.

The company, however, informed the DSE that a meeting of the board of directors will be held on April 28 at 2:45pm to consider, among others, audited financial statements of the company for the year ended on December 31, 2020.

The cement maker did not pay any dividend for the year ended on December 31, 2019.

The company has reported consolidated earnings per share (EPS) loss of Tk 3.02 in nine months for January-September 2020 as against profit of Tk 0.17 for January-September 2019.

The company's paid-up capital is Tk 565.04 million and authorised capital is Tk 1.0 billion, while the total number of securities is 56.50 million.

The sponsor-directors own 60.67 per cent stake in the company, while institutional investors own 26.24 per cent, foreign investors 0.51 per cent and the general public held 12.58 per cent shares as on February 28, 2021, the DSE data showed.

Share price of Agrani Insurance also jumped 30.57 per cent within 12 trading days without any undisclosed price sensitive information.

Its share closed at Tk 45.70 each on Tuesday, gaining 1.11 per cent further over the previous session.

Following the 'unusual' price hike, the DSE also served show-cause notice on the company.

The company echoed the same as Heidelberg Cement: "There is no undisclosed price sensitive information of the company for recent unusual price hike and increase in volume of shares".

Recently the insurer declared 5.0 per cent cash and 5.0 per cent stock dividend for the year ended on December 31, 2020. The annual general meeting (AGM) will be held on April 28.

Share price of Asia Pacific Insurance also rose 17.30 per cent within 12 trading days without any undisclosed price sensitive information.

The general insurer's share closed at Tk 67.90 each on Tuesday, gaining 1.19 per cent further over the previous session.

Following the 'unusual' price hike, the DSE also served show-cause notice on the company.

The company echoed the same: "There is no undisclosed price sensitive information of the company for recent unusual price hike and increase in volume of shares".

The company, however, informed the DSE that a meeting of board of directors will be held on April 27 at 2:30pm to consider, among others, audited financial statements of the company for the year ended on December 31, 2020.

The non-life insurer disbursed 10 per cent cash dividend for the year ended on December 31, 2019.

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