The Dhaka Stock Exchange has formed an enquiry committee to investigate an unusual surge in the price of shares of Meghna Condensed Milk Industries, a DSE web post said.
The company is listed under ‘Z’ category which groups low profile securities.
In the last one month, the share price of Meghna Condensed Milk increased to Tk 13.60 from Tk 7.60 despite the fact that the company did not announce any price sensitive information in the period.
Ahmed Zaker and Company, the auditor of the company, in its audit report for the year ended on June 30 2013 said that during the year the entity incurred a net loss of Tk 11.96 crore and its accumulated loss stood at Tk 100.80 crore which is more than its current assets of Tk 21.44 crore.
The share price of the company increased by 8.53 per cent or Tk 1.10 on Sunday to close at Tk 13.60.
Following a Bangladesh Securities and Exchange Commission directive the DSE earlier had investigated unusual price hike of shares of 12 companies. The shares of the companies had witnessed 50 per cent to 150 per cent price hike in a short time.
The 12 small capital-based companies are Legacy Footwear, Desh Garments, BD Auto Car, Rahima Food, Information Service, Monno Staffler, Modern Dyeing, Anwer Galvanising, JMI Syringes and Medical Device, Hakkani Pulp, Intech Online and Alhaj Textiles.
-With New Age input
