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Investigation ordered into reason for rise in paper processing share price

Investigation ordered into reason for rise in paper processing share price
Investigation ordered into reason for rise in paper processing share price

Own Correspondent: The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has ordered an investigation due to the abnormal increase in the share price of Paper Processing and Packaging Limited, a company listed in the paper and printing sector in the capital market. The Dhaka Stock Exchange (DSE) has ordered an inquiry into the abnormal increase in the company’s share price and trading after it returned to the main market from the over-the-counter (OTC) market.

According to BSEC sources, a letter in this regard has been sent to the managing director of DSE recently.

Expressing concern over abnormal movement in the share price and trading of the company, BSEC’s letter mentioned that abnormal movement in the share price and trading of Paper Processing and Packaging Limited is being noticed. The company’s share price increased from Tk 175.50 to Tk 272 or 54.99 percent in 12 working days from August 10 to 25.

However, Paper Processing & Packaging Limited has not disclosed price sensitive information regarding abnormal share price and increase in trading volume during the period under review. Following this arrest, DSE has been directed to investigate the reasons behind the increase in the company’s share price and transactions. At the same time, the report has been ordered to be submitted to the commission subject to investigation.

Paper Processing and Packaging Limited was listed in the capital market in 1990. Later the company failed to pay dividends to its shareholders due to deteriorating business conditions. This resulted in the shift of the company from its core market to the OTC market. However, the company’s authorities took the initiative to return the company to the main market after almost a century. Later, subject to BSEC approval, the company started trading in the main market on June 13, 2021.

Currently, the paid up capital of this ‘A’ category company is Tk 10 crore 45 lakh. Accordingly, the total number of shares is 1 crore 4 lakh 49 thousand 600. Out of this, 35 percent shares are held by entrepreneurial directors, 0.54 percent by institutional investors and 64.46 percent by general investors.

The article is in Bengali

Tags: Investigation ordered reason rise paper processing share price

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