The Dhaka and Chittagong stock exchanges on Monday suspended Shahjibazar Power Company’s share trading till further notice as the company’s share price rose by 256.80 per cent or Tk 64.20 since its debut at Tk 25 in mid-July. A DSE web post on Monday said, ‘Pursuant to BSEC’s investigation and recent unusual upward price movement of the SPCL, DSE, in the greater interest of investors and the capital market, has decided to suspend the trading of shares of Shahjibazar Power.’
Sensing abnormality, the Bangladesh Securities and Exchange Commission on August 3 formed an inquiry committee after the share price of Shahjibazar increased to Tk 64.50 on the day after its debut on July 15.
BSEC deputy director Md Yusuf Bhuiyan and assistant director Mohammad Rakibur Rahman are the members of the committee which is probing the unusual share price hike of Shahjibazar.
The committee was asked to submit its inquiry report within 10 working days.
After the committee formation, the Shahjibazar’s share price increased by 38.29 per cent from Tk 64.50 in just five trading sessions.
Its share price increased to Tk 89.20, 9.90 per cent higher than the previous session on Sunday.
The capital market regulator in January allowed Shahjibazar Power Company to raise Tk 31.70 crore, floating its 1.26-crore ordinary shares of Tk 10 each at an issue price of Tk 25.
-With New Age input
