Stock exchange’s query drops Khulna Printing and Packaging

Khulna Printing and Packaging Ltd (KPPL), a concern of the Lockpur Group, has witnessed an unexpected 85% surge in its share price over the past 11 trading days, even though the company's operations have been halted for more than three years.

However, the company did not respond to the Dhaka Stock Exchange (DSE) query for this unusual price hike of shares.

According to the disclosure, the DSE sent a query letter regarding the unusual hike in price and volume of shares to the company on 6 January via email and hard copy as well. However, as of Thursday, the company has not provided any response to the query.

Today, KPPL's share price reached Tk13.30 on the DSE, a sharp increase from its trading value of Tk7.20 on 23 December last year.

This sudden rise has raised eyebrows among market observers, especially given the lack of updates regarding the company's operations or financial performance since December 2022.

Market insiders have described the sudden rally as highly unusual, citing the absence of any significant announcements or developments that might justify such a movement.

But this isn't the first time KPPL's share price has seen unexplained volatility. Between October 2023 and February 2024, the company's stock skyrocketed by 480%, reaching a peak of Tk56.80.

However, the rally was short-lived as prices eventually plummeted to Tk7 by December 2024.

The DSE had regularly warned investors about the company's non-operational status and factory closure by publishing updates on its website, but updates ceased after August 2024.

The factory of Khulna Printing and Packaging Ltd has remained closed for three years due to the freezing of the Lockpur Group's bank accounts by government authorities, KPPL Chairman SM Amzad Hossain told The Business Standard a few days ago.

"We are trying to unfreeze the bank accounts, but there has been no progress," Amzad told TBS.