Olympic Industries' chairman to buy 10m shares from market

The chairman of Olympic Industries is set to acquire more than five per cent of the company's shares from the market.

According to a disclosure on Thursday, Aziz Mohammad Bhai plans to purchase 10 million shares from the block market at the prevailing market price, amounting to nearly Tk 1.553 billion.

The purchase is expected to be completed within the next 30 days.

Currently, the company has slightly fewer than 200 million shares in the market, of which Mr Aziz intends to buy 10 million.

Sponsor-directors of the company, including Mr Aziz, currently hold 32.38 per cent of the shares, while institutional investors hold 21.9 per cent, foreign shareholders 32.83 per cent and the public 12.89 per cent.

Following the new purchase, the sponsor-directors' holding is expected to increase.

However, the arrangement under which this large volume of shares will be purchased remains unclear.

Olympic Industries has been experiencing strong profit growth and is investing aggressively to gain more market share.

The stock's price-to-earnings ratio remains modest at 12.96, according to the unaudited financial statements.

Meanwhile, the company's share price rose 2.1 per

cent to Tk 155.3 per

share on Thursday on

the Dhaka Stock Exchange (DSE).

farhan.fardaus@gmail.com