The Bangladesh Securities and Exchange Commission on Sunday formed two separate committees to investigate the recent unusual price hike in the share prices of FAR Chemical Industries and Shahjibazar Power Company. ‘The probe committees have been formed as the share prices of the companies have increased abnormally in recent time without any reason,’ BSEC executive director Saifur Rahman told New Age.
The committees have been asked to submit investigation reports within 10 working days with the reasons for the sudden price hike, he said.
BSEC director Md Abul Kalam and assistant director Md Iqbal Hossain have been asked to investigate unusual share price hike of FAR Chemical Industries, while deputy director Md Yusuf Bhuiyan and assistant director Mohammad Rakibur Rahman have been assigned to investigate Shahjibazar’s unusual share price hike, said Saifur.
The share price of Shahjibazar Power Company, a newly listed company, increased by 162 per cent in the last eight trading sessions.
The share price of the company increased to Tk 64.50 on Sunday after its debut on July 15 this year.
The capital market regulator in January this year allowed Shahjibazar Power Company to raise Tk 31.70 crore floating its 1.26 crore shares.
The issue price of each share of the company was set at Tk 25 including premium of Tk 15 each.
The share price of FAR Chemical Industries increased by 37.67 per cent in the last eight trading sessions.
The shares of FAR Chemical Industries were traded at Tk 43 each on July
15 this year. Its share price increased to Tk 59.20 on Sunday.
The share price of the company increased by 419 per cent or Tk 41.90 on its debut trading at the Dhaka Stock Exchange on July 8 despite a fall in the company’s profit in the latest financial statement.
The company in the third quarter (January-March) made 15.71 per cent or Tk 1.13 crore less profit of Tk 6.06 crore. Its profit was Tk 7.19 crore in the same period of the previous year.
The BSEC allowed the company to raise Tk 12 crore floating its 1.20 crore shares through an initial public offering with an offer price of Tk 10 each share.
-With New Age input
