ADN Telecom sponsor to sell 2 lakh shares
One of the sponsors of ADN Telecom Ltd, Mamonoor Rashid, has expressed his intention to sell 2 lakh shares of the company out of his holding of over 17 lakh shares.
The company in a disclosure through the Dhaka Stock Exchange (DSE) said, the shares would be sold at the prevailing market price in the block market of the bourse in the next 30 working days.
Block trades take place beyond the regular trading screen and the bulk trades usually are executed at pre-negotiated prices.
The regulator allows block trades to be 10% higher or lower than the regular market price of the very scrip and trades worth less than Tk5 lakh are not allowed in the block market.
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ADN Telecom shares soared to Tk159 from Tk60 in less than two months till early November, corrected to Tk90 in a month and now are trading above Tk115 apiece.
The internet and IT services provider went public in 2019 and sponsor directors collectively hold 51.56% of the company shares.
