BDCOM shares soar 33% in four days
The company said there was no undisclosed PSI explaining the unusual rise in share price
The share price of BDCOM Online Limited – a countrywide internet service provider – soared 33% in the last four trading sessions without any fundamental reason.
According to the Dhaka Stock Exchange (DSE), the share price surged to Tk43.8 each on Monday, from Tk33 on 14 September.
Following such an increase in the stock's price, the country's premier bourse wrote the company asking for an explanation.
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In response, BDCOM Online said there was no undisclosed price-sensitive information (PSI) behind the recent unusual increase in its share price.
The company, listed on the capital market in 2002, provides nationwide internet service, data communication, IP telephony service, and vehicle tracking system services.
From January to March 2022, the company's revenue stood at Tk17.29 crore, which was Tk16.69 crore in the same period of the previous year.
During the period, it made a net profit of Tk3.80 crore, which was Tk2.11 crore a year ago.
In fiscal 2020-21, BDCOM Online made a profit of Tk6 crore, and paid a 5% cash dividend to its shareholders.
Sponsors and directors jointly own 30% stake in the company, while institutional investors own 5.60%, and the general public 64.40%, as of 31 August, 2022.
