Home ›› 18 Aug 2021 ›› Stock
Beach Hatchery Ltd, a publicly traded fish farming company, witnessed a 94 per cent hike in the price of its share in the last 31 trading days at the Dhaka Stock Exchange (DSE).
The price, which was Tk 13.7 on June 22, fluctuated to Tk 26.5 at the prime bourse on Monday, which however declined by 2.64 per cent to Tk 25.80 on Tuesday.
Through a filing with the DSE, the company reported no undisclosed price sensitive information for the recent unusual price hike and the increase in volume of shares.
Responding to a query, Nur Islam, company secretary of Beach Hatchery, echoed the remark and claimed that they have no undisclosed mechanism behind the price hike.
“The unit that used to produce shrimp has been shut down long ago. Now, we are farming indigenous fish using Bioflux method,” he added.
He also disclosed that his company is now seeking fresh investments.
The company, which is in the ‘A’ category, announced the resumption of fish farming in its farm at Teknaf of Cox’s Bazar from the last week of June.
It produces Telapia, Koi, Pangsh and Pabda using intensive culture methods.
In May, the Bangladesh Securities and Exchange Commission (BSEC) punished four individuals, including two directors of the Beach Hatchery, for stock manipulation.
The four were accused of manipulating the share price of the company by spreading fake price sensitive information.
Beach Hatchery Director Fahmida Islam, and the company’s corporate director Meghna Shrimp Culture Limited were fined Tk 2 lakh and Tk 5 lakh respectively over the incident.
According to Beach Hatchery’s financial report, the company reported a loss of Tk 0.25 per share in the first nine months of the fiscal year 2020-21 (July-March).
The company’s loss per share was Tk 0.32 during the same period of the previous financial year.
The board of directors of Beach Hatchery did not recommend any dividend for the financial year ended June 30, 2020.
