BBS Cables tops losers chart

Dhaka,  Tue,  26 September 2017
Published : 23 Aug 2017, 22:12:41

BBS Cables tops losers chart

FE Report

BBS Cables Wednesday topped the losers chart after the securities regulator formed a body to probe into the company's unusual price hike observed recently.

On the day, the company's market price declined 9.94 per cent or Tk 14.60 and share trading closed at Tk 132.30 per share.

After the listing, the company's share price sky-rocketed 1397 per cent to close at Tk 149.70 without any fall within 15 trading sessions.

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

Meanwhile, in a response to a query sought by the Dhaka Stock Exchange (DSE), BBS Cables Wednesday acknowledged that it had used its logo for promoting the product of a separate entity.

The company said they were not aware of any 'legal matter' in case of using a company's logo to promote any separate entity.

Following the DSE query BBS Cables said an agreement was signed among BBS Cables Unit-2 Limited and several foreign vendors for supplying machineries on 18th August, 2017.

"BBS Cables Limited and BBS Cables Unit-2 Limited are separate entities," said the BBS Cables.

The company said they used the logo of BBS Cables Limited to motivate and attract the world renowned cables machineries suppliers and also for the advertisement purpose only.

"We were not aware of any legal matter in this connection," said the BBS Cables.

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.

Afterwards, the company's share price rose abnormally and touched Tk 149 within 15 trading sessions.

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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