The Bangladesh Securities and Exchange Commission (BSEC) has decided to resume the trading of Zeal Bangla Sugar Mills Ltd shares from Sunday.
Earlier on September 14, the stock market regulator had suspended share trading of the company after the watchdog detected anomalies in the trading of the companies’ shares.
Later, Zeal Bangla Sugar Mills extended suspension of trading on the bourse until October 29.
Regarding trading suspension of the company, BSEC asked bourses to comply with Provision 9(7) of the Securities Ordinance, 1969, where it said that the suspension of a company would be in effect until further order.
Recently, prices of junk and low capital stocks have also kept rising abnormally at the DSE.
Share prices of the state-owned company rose to Tk200 in August, although the company declared no dividend for the last 10 years.
Analyzing DSE data, this Dhaka Tribune correspondent found prices of quality stocks such as Grameenphone, British American Tobacco Bangladesh, Square Pharma, and Brac Bank falling.
On the other hand, share prices of fundamentally weak and low cap company Zeal Bangla rose significantly.
Share prices of Zeal Bangla closed at Tk213 per share on the last trading day.
Shares of the company trading under Z-category are also known as junk shares.
The government holds 51% share of Zeal Bangla, while other institutions hold a stake of 13.93%, and general investors the remaining 35.07% of shares in the company.
The company was listed on the Dhaka Stock Exchange in 1988. Its paid-up capital is Tk6 crore.
