Manzur Elahi to scale up his sway in Apex Footwear

Syed Manzur Elahi, chairman of local footwear giant Apex Footwear Limited, is set to increase his stake in the company by acquiring its additional 1.75 lakh shares from the market.

In four separate moves, he announced the purchase of these shares since November last year.

Of them, some of the purchases have already been completed.

When a sponsor or director, according to market analysts, intends to buy more shares of the same company, he or she is thought trying to extend his or her command in the company.

In the latest move, he announced the purchase of 38,500 shares, according to a filing posted on the website of the DSE website on Sunday.

Earlier, he had announced to buy 39,361 shares on December 21 last year, 38,000 shares on December 1 same year, and 60,000 on November 16, same year.

Syed Manzur Elahi owned 6,26,036 shares or a 5.30 per cent stake in the listed firm till the fiscal year 2021-22.

Once the new purchases are completed, his shareholding in the company would stand at 8,01,897.

According to the company’s first quarterly financial report of FY23, its net profit stood at Tk 3.46 crore with earnings per share (EPS)of Tk 2.67.

It had logged Tk 3.11 crore in net profit and EPS of Tk 2.40 in the same quarter of the last fiscal year.

The company’s shares were traded at Tk 258.2 per share on Sunday.