In a surprising turn of events, the share price of Bangladesh Thai Aluminium, commonly known as BD Thai Aluminium, has experienced an impressive 82% surge within a month, reaching its highest point in a year. This remarkable increase comes even as the company faced fiscal challenges, reporting a loss of Tk6.60 crore in the 2022-23 financial year, with a 20% YoY drop in revenue to Tk93 crore.
As of Sunday’s trading session at the Dhaka Stock Exchange (DSE), BD Thai Aluminium’s shares closed at Tk23.3 each, securing the second position on the top gainers’ table with a notable 9.9% appreciation compared to the previous session.
Despite this upward trend, concerns have arisen, prompting the DSE to seek clarification from BD Thai Aluminium regarding the unexpected surge in share price. In response, the company stated that it possesses no undisclosed price-sensitive information that could have influenced its stock value.
In its annual report for the fiscal year 2022-23, BD Thai Aluminium’s Chairperson, Rubina Hamid, attributed the company’s challenges to the prevailing high inflationary environment, driven by factors such as the energy crisis, taka depreciation, and concerns about the adequacy of the dollar reserve.
BD Thai Aluminium’s acting Managing Director, Abdul Bari, acknowledged the difficulties faced by the company, citing global trends of elevated aluminum raw material prices and the impact of a higher dollar rate on import costs. He emphasized the challenges in maintaining consistent delivery to national and local projects.
Rubina Hamid, who holds a 2.34% stake in BD Thai, is the sister of Health Minister Zahid Maleque. The state-owned Investment Corporation of Bangladesh owns 14.97% of the company’s shares, while the health minister himself holds a 9.72% stake. Notably, the Maleque family recently divested their entire holdings in Sunlife Insurance to Green Delta Insurance.
