The stock market regulator has suspended share trading of Zeal Bangla Sugar Mills, with effect from today (Tuesday), following 'unusual' transactions and movement of its share price.
The Bangladesh Securities and Exchange Commission (BSEC) took the decision to suspend the share trading of the company until further order, according to a BSEC press release issued on Monday.
The commission said it is necessary in the interest of trade and in the public interest to suspend the trading of share of the Zeal Bangla Sugar Mills on the Dhaka Stock Exchange (DSE).
Regarding trading suspension of the company, BSEC asked the bourse to comply with section 9(7) of the Securities Ordinance, 1969 until further order.
The BSEC issued letters asking the DSE to suspend the share trading of the company from today (Tuesday) as per section 9(8) of the Securities Ordinance, 1969.
The share price of Zeal Bangla, a 'Z' category company, shot up by more than 574 per cent or Tk 181.50 each within two months. It closed at Tk 213.10 on Monday.
The state-owned company's share price was Tk 31.60 on July 9, 2020.
In the last one year, its share traded between Tk 27 and Tk 224.90 each.
The company remained under DSE scanner in the last two years since August 2018 as it failed to declare any dividend for the last five years.