Insider trading in Anwar Galvanizing shares!

Sharebarta24.com, Dhaka: The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has termed the big jump in the share price of Anwar Galvanizing Limited, a listed engineering company, as unusual. The company has also received allegations that more than one person at the top of the company was involved in insider trading or profiteering. The BSEC has formed an inquiry committee to look into the allegations and the unusual rise in share prices.

Another member of the inquiry committee, headed by Mohammad Warisul Hasan Rifat, Deputy Director, Management and Information (MIS), BSEC, is Asmaul Husna, Assistant Director, Market Surveillance and Intelligence. The committee has been asked to submit an investigation report within 20 working days.

Market observation shows that on April 4 this year, the share price of Anwar Galvanizing was 94 rupees 90 paise. From then on, the company’s share price started rising and on October 3, it stood at a maximum of Tk 484. After that, the company’s share price fell slightly and last traded on Monday (September 11) at Tk 439.60.

Regarding the formation of the inquiry committee, BSEC executive director and spokesperson Mohammad Rezaul Karim said the committee would look into whether the insiders of the company had taken unethical advantage by concealing any price-sensitive information in the case of Anwar Galvanizing’s share price hike.

In this case, those who have traded shares of the company, what is their role in increasing the price and whether any kind of securities law has been violated will also be looked into. The inquiry committee will also look into the houses from which the share has been traded more. The committee has been asked to submit an investigation report within 20 working days, he said.

Anwar Galvanizing, listed on the stock exchange in 1997, has an authorized capital of Tk 20 crore. At present the paid up capital is 15 crore 24 lakh 60 thousand taka. There is 54 lakh rupees in reserve. The total number of shares of the company is 1 crore 52 lakh 47 thousand. Of this, 35.32 per cent is held by entrepreneurs-managers, 20.89 per cent by institutional investors and the remaining 43.99 per cent by general investors.


Source: Share Barta 24 by www.sharebarta24.com.

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