BSEC forms probe body on BBS Cables

Dhaka,  Sun,  24 September 2017
Published : 22 Aug 2017, 21:37:07 | Updated : 22 Aug 2017, 21:37:17

BSEC forms probe body on BBS Cables

BSEC forms probe body on BBS Cables
FE Report

The Bangladesh Securities and Exchange Commission (BSEC) Tuesday formed a three-member body to probe into 'unusual' price hike of newly-listed BBS Cables.

The company's ten taka shares jumped 1397 per cent within only 15 trading sessions as of August 21.

Mohammad Saifur Rahman, a BSEC executive director, said the inquiry committee will submit its report within seven working days.

On July 31, the BBS Cables made a flying debut trading and the price of ten taka shares rose 803 per cent to close at Tk 90.30.

After 14 trading sessions the share price of BBS Cables sky-rocketed 1397 per cent to close at Tk 149.70 on Monday.

On Tuesday, the company's share price, however, declined 3.81 per cent or Tk 5.70 and share trading closed at Tk 146.90 per share.

Following the abnormal price hike, the securities regulator Tuesday formed a three-member inquiry committee including an official of the premier bourse Dhaka Stock Exchange (DSE).

"A preliminary study is required to form an inquiry committee. After finding some abnormalities we have formed the committee to probe into abnormal price hike BBS Cables," BSEC executive director Rahman told the FE.

He said the inquiry committee would also look into whether the company refrained from disclosing any price sensitive information (PSI).  

BBS Cables, which received regulatory approval from the securities regulator on April 13, raised Tk 200 million from the public floating 20 million ordinary shares of Tk 10 each under the fixed price method.

The company reported its EPS (earnings per share) of Tk 2.46 and NAV (net asset value) of Tk 16.87 per share as of June last.
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