Square Pharmaceuticals’ managing director Tapan Chowdhury recently announced his plan to buy 15 lakh shares of the company which is the nation’s biggest pharmaceutical manufacturer for more than Tk 32 crore at the current market price.
According to Square Pharmaceuticals’ declaration on the website of the leading stock exchange, Chowdhury, who is also a sponsor of the business, intends to purchase the shares through the Dhaka Stock Exchange (DSE) at the going rate in the public and block markets within the next 30 working days.
Compared to the closing price of Tk 217.1 the day before Square Pharmaceuticals’ shares had dropped 0.14 percent to Tk 216.8 on the DSE as of 12:42 p.m. Two weeks before to Chowdhury’s announcement Anjan Chowdhury another sponsor director of Square has made a similar announcement, stating that he also planned to purchase 15 lakh shares, which were then worth Tk 32 crore at the market price. Tapan Chowdhury owned 9.47 percent of Square Pharmaceuticals a significant Square Group firm as of November 30 of last year. His overall ownership of the business will rise to 9.65% after the acquisition. The public owned 27.67 percent of Square Pharmaceuticals’ shares as of January of this year while sponsors and directors held 42.91 percent. Institutional investors owned 13.88 percent and foreign investors held 15.54 percent.
The October-December period of the fiscal year 2024–2025 saw a 26% increase in the pharmaceutical manufacturer and exporter’s net profit to Tk 660 crore. Square Pharmaceuticals’ earnings grew as a result of expanded profits from affiliated businesses and higher income from investments. As per the company’s second-quarter financial statement, it made Tk 1,269 crore in the first half of the 2024-25 fiscal year, which was a 13 percent increase from the previous year. Square Pharmaceuticals’ earnings after tax, however, decreased by 5.34 percent at Tk 1,559 crore in the 2023–24 fiscal year.
Source: The Daily Star
