The securities regulator will probe into the recent share trading pattern of United Airways in line with its flight suspension to resumption.
The move of Bangladesh Securities and Exchange Commission (BSEC) came a day after the private airlines resuming operation following a three-day suspension.
“The commission has formed an enquiry committee on the whole issue relating to the suspension of operation, reconstruction of the company board of directors, coming back into operation and the recent trade pattern of United Airways (BD) Limited,” the regulator said in a statement yesterday.
The three-member panel, led by its director Abul Kalam, has been asked to submit report within next 21 working days.
Since its corporate deceleration and later an announcement about flight cancellation for an indefinite period, share trading pattern of United Airways had raised eyebrows of many, even the company itself.
“Share trading on Thursday was more than unusual,” United Airways Deputy General Manager Kamrul Islam told the Dhaka Tribune earlier.
He said it was a question of survival when a company declared that it would suspend operations, but the following day so many shares were traded and it surprised the management also.
On September 24, the company declared that it would suspend its flight operations on cash crunch grounds when 66 lakh shares were traded. But most surprisingly, a total of about 328.6 lakh shares were traded on the following day.
On September 22, Tasbirul Ahmed Choudhury resigned from the post of chairman and managing director, and the board was reconstituted a day after the company declared 10% stock dividend for the year ended on June, 2014.
But in a dramatic move, the company resumed flight operation from Saturday after a three-day suspension.
Yesterday, the price of United Airways stock bounced back with a rally of 7.4%. The stocks saw no sellers throughout the session except one seller that came in the final minute.
Its share prices slumped 7.7% in the previous trading session on the news that the private airliner canceled all its flights for an indefinite period due to fund crisis.
