Trading of Shahjibazar suspended

The Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) suspended trading of  Shahjibazar Power Company Limited (SPCL) Monday for an indefinite period as its share price rose abnormally.
"The share prices of Shahjibazar Power Company soared 'abnormally' in recent days which promoted the DSE management to suspend share trading of the company for an indefinite period," said a DSE official.
The Bangladesh Securities and Exchange Commission's ongoing investigation and recent unusual upward price movement of the company's share, promoted DSE to suspend its trading with effect from Monday, said a DSE statement posted on its website Monday.
The DSE took the trading suspension decision in the greater interest of investors and the capital market and the suspension order of the company will continue until further decision notice, said the DSE statement.
The port city bourse, CSE also posted a similar statement on its website on Monday.
The Shahjibazar Power Company made debut at DSE and CSE on July 15. Between its debut on July 15 and July 24, Shahjibazar's share price jumped 67.71 per cent to Tk 58.7.
The abnormal rise prompted the securities regulator to form a two-member panel to investigate the matter on August 3, and asked the committee to submit the probe report in 10 workdays.
But, the share price of the company continued to rise and in last six trading days till Sunday, its price soared 48.15 per cent to Tk 89.2, which promoted DSE and CSE to suspend trading, said the DSE official.
In the last 15 trading days since its debut on July 15, the company's share soared 155 per cent as its opening price was Tk 35 and last closing price was Tk 89.2.
Meanwhile, in response to a DSE query, the company has informed that there is no undisclosed price sensitive information of the company for recent unusual price hike.
Located in Habiganj, Shahjibazar Power raised Tk 317 million through initial public offering, which was approved by the BSEC in January. The company floated 12.68 million ordinary shares of Tk 10 each at an offer price of Tk 25, including a premium of Tk 15.
The company produces electricity from natural gas and supplies to the Bangladesh Power Development Board. The company started commercial production with its 86MW power plants in February 2009.