The share price of National Tea Company is soaring without having any undisclosed price sensitive information.
Within a month, the company's share price jumped more than 68 per cent or Tk 382.20 each to close at Tk 945.10 on Monday. Its share price was Tk 562.90 a month ago on November 11.
The company's share traded between Tk 541 and Tk 945.10 each in the last one year, hitting the year's highest on the day.
Its share price also jumped 7.49 per cent or Tk 65.90 each on the Monday.
Following the 'abnormal' price hike, the Dhaka Stock Exchange (DSE) served show-cause notice on the company several times.
The company, however, informed the DSE that there was no undisclosed price sensitive information for 'unusual' price hike of its shares.
"Even after being served show-cause notice and formation of an enquiry committee, the price of the company has not stopped rising which may hit investors," said a leading broker.
National Tea, which was listed on the Dhaka bourse in 1979, recommended 22 per cent cash dividend for the year ended on June 30, 2018.
In 2017, the company paid 18 per cent cash dividend.
The company's paid-up capital is Tk 66 million and authorised capital is Tk 250 million, while the total number of securities is 6.60 million.
The sponsor-directors own 50.72 per cent stake in the company while the government owns 4.33 per cent, the institutional investors own 10.21 per cent and the general public 34.74 per cent as on October 31, 2018, the DSE data shows.
Share price of Jute Spinners is also soaring despite the news that its liabilities exceeded its total assets.
The company's share soared 35 per cent or Tk 36.40 each in a week to close at Tk 141.50 on Monday. Its share price was Tk 105.10 each on December 02.
Jute Spinners incurred a net loss of Tk 102.90 million during the year ended on June 30, 2018 and the accumulated loss of the company stood at Tk 454.52 million, according to an audit report revealed on December 04.
The company's liabilities stood Tk 468.48 million which exceeded its total assets worth Tk 300.48 million by Tk 168 million as on June 30, 2018, the audit report shows.
"We also drew attention to the labour difficulties, inability to pay creditors on due dates, inefficiency of key management and negative operating cash flows indicated by financial statements of the company," said the audit report.
The report also gave an opinion that these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
Production of the company has also been stopped for more than two years and the company failed to declare dividend over the years.
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