The firm, the only listed entity under the controversial S Alam Group, recently disclosed that its bank accounts have been frozen and that restrictions on opening LCs have severely hampered production.
Shares of S Alam Cold Rolled Steels Limited surged 9.59% today (18 February) to close at Tk16 on the Dhaka Stock Exchange PLC (DSE), capping a sharp rally that has seen the stock gain 50% so far in February.
Since 1 February, the company’s share price climbed from Tk10.7 to Tk16 as of today, despite ongoing operational and financial challenges. Yesterday (17 February) saw some 14.31 lakh shares traded, with a turnover of Tk2.23 crore.
The rally comes even after the DSE downgraded the company from “B” to “Z” category on 4 January 2026 under a directive of the Bangladesh Securities and Exchange Commission (BSEC). The downgrade followed the company’s failure to hold its annual general meeting within the stipulated timeframe.
In line with another BSEC directive, stockbrokers and merchant bankers have been instructed to refrain from providing margin loan facilities to purchase the company’s shares from the same date.
Company officials have attributed the non-holding annual general meeting due to the absence of its directors. They also reported operational disruptions due to raw material shortages, caused by difficulties in opening letters of credit as banks were uncooperative.
The firm, the only listed entity under the controversial S Alam Group, recently disclosed that its bank accounts have been frozen and that restrictions on opening LCs have severely hampered production.
Several banks, including Janata Bank and Islami Bank, have initiated processes to auction the company’s assets to recover mounting defaulted loans.
Financial disclosures paint a challenging picture. For the first nine months of FY24, the company reported revenue of Tk388.82 crore, down 18% year-on-year, while profit plunged 56% to Tk2.50 crore.
In FY23, it posted a net profit of Tk4.78 crore and declared a 5% cash dividend.
However, the company has yet to publish its annual accounts for FY24 and FY25 and has also missed the deadline for releasing its first-quarter FY25 financial statements.
Source: The Business Standard
Read More at: csslbd.net
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