Stocks
BSEC Investigates Unprecedented Surge in Khulna Printing’s Share Price
The share price of Khulna Printing & Packaging Limited, a non-operational entity under the Lockpur Group, has surged by an astonishing 260% in two months following the return of the group’s owner, SM Amzad Hossain. Hossain, who also served as the former chairman of South Bangla Agriculture and Commerce Bank, had fled the country in 2021 amidst misappropriation of funds, despite an imposed travel ban by the Anti-Corruption Commission (ACC). After his return in October this year, Khulna Printing’s share price soared, reaching Tk33 apiece in early December. The Bangladesh Securities and Exchange Commission (BSEC) is investigating the unusual surge, with market insiders attributing the rise to rumors of ownership changes and the factory’s potential reopening.
In response to the surge, Mohammad Rezaul Karim, executive director of BSEC, stated that the commission has directed the Dhaka Stock Exchange to investigate and will take necessary action based on the findings. Rumors about changes in ownership and a possible reopening of the factory have contributed to the abnormal increase in share prices, while cautious investors show interest in small-cap stocks.
SM Amzad Hossain, the Chairman of Khulna Printing, clarified that the company had to cease operations due to frozen bank accounts, and efforts are underway to unfreeze accounts for group-wide operations. Following a court order, 933 bank accounts linked to Hossain were frozen on embezzlement charges, affecting operations across various companies.
Khulna Printing, which raised Tk40 crore from the stock market in 2014, has faced financial challenges, incurring losses for five consecutive years till the fiscal year 2021-22. Despite the recent surge in share prices, financial statements and ACC probes indicate concerns about the company’s true business situation.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
