The Dhaka Stock Exchange (DSE) reports that Khulna Printing and Packaging Ltd (KPPL), a division of the Lockpur Group, has seen an extraordinary 361% increase in its share price during the last 30 trading days, despite the company’s operations having been suspended for more than three years. But for the second time, the business has not answered the DSE’s question about the odd increase in share prices. The statement states that on February 2, the DSE wrote to the business with questions about the extraordinary increase in share price and volume. The business has yet to respond to the inquiry as of Thursday.
After trading at Tk7.20 on December 23 of last year, KPPL’s share price jumped sharply to Tk33.20 on the DSE on Tuesday. Market watchers are taking notice of this abrupt increase, particularly since there have been no updates on the company’s financial performance or operations since December 2022. According to market insiders, the abrupt increase is extremely unusual because there haven’t been any noteworthy announcements or developments that may support such a movement.
This is not the first instance of inexplicable fluctuation in KPPL’s share price. The company’s shares surged 480% between October 2023 and February 2024, peaking at Tk56.80. However, the rise was short-lived, as by December 2024, prices had fallen to Tk7. By posting updates on its website, the DSE had been alerting investors on a regular basis of the company’s non-operational status and plant closure; however, these updates stopped after August 2024. KPPL Chairman SM Amzad Hossain recently informed The Business Standard that the Lockpur Group’s bank accounts were frozen by government authorities, causing Khulna Printing and Packaging Ltd’s factory to remain shuttered for three years. He said, “We are trying to unfreeze the bank accounts, but there has been no progress.”
Source: The Business Standard
