Himadri shares soar 59 times in four months

Its market capitalisation increased by 48 times to reach Tk 142.94 crore today

Infographic: TBS

Infographic: TBS

The shares of Himadri Ltd, listed on the SME platform of the Dhaka Stock Exchange (DSE), have surged over 59 times in the last four months without any valid reason influencing the price.

According to data from the DSE, the shares closed at Tk2,096.40 each on Wednesday, marking a 5,889% increase from Tk35 on 26 April.

As a result, its market capitalisation increased by 48 times to reach Tk142.94 crore on 23 August.

In May, the Dhaka bourse asked the company to explain the reason for the unusual share price hike. In response, it said its three directors sold some shares through the Chittagong Stock Exchange (CSE) in April. After that, there was no other information that might have influenced the price.

Company Secretary Jahirul Islam told The Business Standard, “We have no relation to the pricing of shares of the company in the secondary market of stock exchanges.”

According to the data, Himadri’s three directors Nahar Ahmed, Eshraq Raihan Ahmed and Eshtiaque Ahmed together sold 2.04 lakh shares of the company to comply with the securities regulator’s direction.

The company has only 7.50 lakh shares, where sponsors and directors held 65.72%, the government owned 1.48% and general investors held 32.80% as of 30 June.

In August last year, the Bangladesh Securities and Exchange Commission (BSEC) asked the company’s sponsors and directors to offload more shares in the secondary market of the SME platform.

Incorporated in 1974, Himadri Limited mainly provides cold storage facilities for agro-based products such as potatoes in the north of Bangladesh.

Currently, it has six potato cold storages in Rangpur, Bogura, Joypurhat, Thakurgaon, Gaibandha, and Dinajpur.

In September 2021, Himadri Limited was shifted from the over-the-counter (OTC) market to the SME platform. On the OTC market, the company’s shares were last traded on 8 March 2014.

 

Source: The Business Standard

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Iram Hoque

Mohd. Iramul Hoque (Iram) completed his bachelor’s degree in Industrial Engineering in 2018 from Purdue University.

He joined Deloitte Consulting LLP as a Consulting Analyst based out of New York City having previously worked in similar roles at PricewaterhouseCoopers LLP & Landis+Gyr.

Iram left consulting and returned to Bangladesh to take up the family business. Realizing the opportunity in the capital market in Bangladesh, Iram worked relentlessly to found Columbia Shares & Securities Ltd in 2021.

Md Saiful Hoque

Md. Saiful Hoque received his bachelor’s degree in Civil Engineering from Columbia University in 1986 followed by a master’s degree from Texas A&M University in 1988. Upon completion of his Graduate Degree, he joined Gulf Interstate Engineering Company in Houston, USA serving as a Project Engineer.

He returned to Bangladesh in 1992 to join Columbia Enterprise Ltd., the family business of Shipping and Freight Forwarding services. In addition, he has built flourishing businesses manufacturing Garment’s Accessories and Fast-Moving Consumer Goods.