DSE queries Monno Fabrics for ‘Unusual’ price hike

The Dhaka Stock Exchange (DSE) has queried Monno Fabrics Limited for an unusual price hike and an increase in the volume of shares in a letter.

The share price of Monno Fabrics Limited jumped to 34 per cent in 6 consecutive trading days, and the share price began to rise on June 7.

On Tuesday, the company’s share price was almost up at 9.68 per cent to Tk 27.20 on the Dhaka Stock Exchange.

In response to the DSE queries, Monno Fabrics stated that, “There is no hidden information regarding the recent abnormal hike in price and increase in share volume.”

On the day, Monno Fabrics has noticed on the DSE Board that Monno Welfare Foundation, one of the Corporate Directors of the Company, has expressed its intention to sell 57,50,000 shares out of its total holding of 1,95,99,500 shares.

Monno Welfare Foundation sells their shares at the prevailing market price (in the block market) through the Dhaka Stock Exchange within the next 30 working days.