Usual Share Price Hike
Probe bodies on Far, Shahjibazar get more time
The Bangladesh Securities and Exchange Commission has extended time for the two investigation committees which were formed to probe unusual share price hike of FAR Chemical Industries and Shahjibazar Power Company. ‘The commission has increased the time for investigating unusual share price hike of the companies as the probe bodies found it difficult to finish the job within the timeframe set earlier,’ BSEC executive director Saifur Rahman told New Age.
The capital market regulator on August 3 formed the two committees asking them to submit inquiry reports within 10 working days.
Now the committee on FAR Chemical Industries comprising of BSEC director Md Abul Kalam and assistant director Md Iqbal Hossain has been asked to submit its report within August 24.
The committee on Shahjibazar comprising of BSEC deputy director Md Yusuf Bhuiyan and assistant director Mohammad Rakibur Rahman got the time extension till August 25.
Shahjibazar’s share price rose by 256.80 per cent or Tk 64.20 to Tk 89.2 on August 10 since its debut at Tk 25 in mid-July.
The DSE on August 11 suspended trading of Shahjibazar’s share after its share prices continued to rise despite BSEC’s committee formation. 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 August 3.
-With New Age input
