Tapan Chowdhury, managing director of Square Pharmaceuticals, announced his intention to acquire 1.5 million shares of the company, valued at over Tk32 crore at the current market price.
Chowdhury, also a sponsor of the company which is the largest drug producer of the country, plans to acquire the shares at the prevailing market price in both the public and block markets through the Dhaka Stock Exchange (DSE) within the next 30 working days, Square Pharmaceuticals said in a disclosure on the bourse's website.
As of November 30 last year, Tapan Chowdhury held a 9.47% stake in Square Pharmaceuticals, a major concern of Square Group. Following the purchase, his total stake in the company will increase to 9.65%.
As of January this year, sponsors and directors collectively held 42.91% of Square Pharmaceuticals' shares, while the public owned 27.67%.
Chowdhury's announcement comes two weeks after a similar declaration by Anjan Chowdhury, another sponsor director of Square, who also intended to buy 1.5 million shares valued at Tk32 crore at the market price at that time.
Foreign and institutional investors held 15.54% and 13.88% respectively.
The pharmaceutical producer and exporter's net profit rose 26% year-on-year to Tk660 crore in the October-December period of FY25.
Higher income from investments and increased profits from associated companies contributed to Square Pharmaceuticals' earnings growth.
In the first half of FY25, the company recorded a profit of Tk1,269 crore, up 13% year-on-year, according to its second-quarter financial statement.
However, in FY24, Square Pharmaceuticals' profit after tax declined by 5.34% year-on-year to Tk1,559 crore.
