Share price increases despite suspension of production

Mithun Knitting and Dyeing, a listed company of stock exchange’s production is not running as BEPZA has terminated the company’s lease agreement on February 26, 2019.

Despite the production suspended the company’s share price increased the highest on Wednesday. It soared 10 per cent to Tk 24.20.

In a corporate declaration the company informed the DSE about its pending AGM on Wednesday.

The company had no arranged AGM for the last two years (2019 and 2020).

Mithun Knitting replied to DSE that annual accounts for the year 2019 and 2020 are under the process of auditing. They will submit a prayer to the High Court for special permission to hold the pending AGM.

Since June, the company’s share price has been in upward trend. Last three months the share price increased 160 per cent from Tk 9.3 to Tk 24.2.

The Z category company has no available financial data. According to the DSE website for 2018 the company made a loss, and per share loss was Tk 2.24. It was also incurred a loss for 2017.

Mithun Knitting has given dividends regularly from 2010 to 2016. In 2016 the company gave a 20 per cent cash dividend. The company listed in the stock exchange 1994.