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On Monday evening, the Bangladesh Securities and Exchange Commission (BSEC) issued a written order suspending the trading of the shares from Tuesday.
The directive, signed by the president of the BSEC, Professor Shibli Rubaiyat-ul-Islam, said: The price of this share has risen irrationally. If this situation is allowed to continue, the share price will fall and investors will suffer and the capital market will suffer.
“In the interest of the capital market, the trading of shares in Jill Bangla Sugar Mills Limited has been suspended on the Dhaka Stock Exchange since Tuesday.”
On July 9, the share price of Jill Bangla Sugar Mills was 31 rupees 60 paise, which rose to 213 rupees 10 paise on Monday. As a result, prices have risen about 565 percent in two months.
Jill Bangla Sugar Mills Ltd. had previously sent a letter to DSE because the price increase rate was higher than the base rate. But they couldn’t show any logical reason.
In response to the notice from the Dhaka Stock Exchange, the company said it did not have any undisclosed price sensitive information that could lead to an increase in the share price. Prices continued to rise despite the lack of price sensitive information.
The shares of Jill Bangla Sugar Mills Limited, which was listed on the country’s capital market in 1986, are traded in the “Z” category.
The company has 6 million shares in the capital market. The government owns 51 percent of the shares.
Institutional investors own 13.93 percent of the shares and general investors own 35.08 percent of the shares.
The current market capitalization of Jill Bangla Sugar Mills Limited is Tk 127.06 crore. The paid-in capital of the company is Tk 6 crore; The amount of reserves is 360 crore negative 6 lakh rupees.
In 2016, the company lost 32 crore 45 lakh rupees. In 2016, the loss was 46 crore 49 lakh rupees. In 2019, the company has incurred a loss of Tk 72.34 crore. No dividends were paid for three years.
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