Bangladesh
5 years ago

Three cos share price soaring sans PSI

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Share prices of three companies –Stylecraft, SK Trims Industries, and Dulamia Cotton Spinning Mills –were rising despite having no undisclosed price sensitive information (PSI).

Following the unusual price hike, the Dhaka Stock Exchange (DSE) served show-cause notices on the companies.

In response, the companies separately informed the DSE on Tuesday that there was no undisclosed price sensitive information for the recent unusual price hike of the shares.

Share price of Stylecraft jumped 59 per cent or Tk 1,600 each within one month to close at Tk 4,312 on Monday at DSE. Its share price was Tk 2713 on September 03.

Following the abnormal price hike, the securities regulator sent the Stylecraft to the spot market on August 19 and its share trading will continue in the spot market until further order.

Even after being served show-cause notice and regulator’s move, the price of the company has not stopped rising and touched at Tk 4,527 in intra-day trading on Tuesday.

Meanwhile, the company informed today that a meeting of the board of directors will be held on October 09 at 3:00pm to consider, among others, audited financial statements of the company for the year ended on June 30, 2018.

The Stylecraft, which was listed on the Dhaka bourse in 1983, disbursed 10 per cent cash and 80 per cent stock dividend in 2017.

The company’s paid-up capital is Tk 9.90 million and authorised capital is Tk 500 million, while the total number of securities is 990,000.

The sponsor-directors own 50.39 per cent stake in the company, institutional investors 8.96 per cent, and the general public 40.65 per cent as on August 31, 2018, the DSE data shows.

Share price of recently listed SK Trims was also rose about 36 per cent within five trading days to close at Tk 35 each on Monday.

Dulamia Cotton’s share price also soared 44 per cent within five trading days to reach at Tk 28 on Monday despite the company fail to pay dividend over the years.

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