National Tea's shares soar Tk28.4 for each in two days
Despite keeping its investors in the dark, the share price of National Tea Company has soared by Tk28.40 to Tk164.20 each over the past two days, according to the data of the Dhaka Stock Exchange (DSE).
In the last two consecutive trading sessions, the share price of the tea producer hit the upper limit—the maximum allowable single-day price increase—and topped the gainers' chart with the highest gains.
One-year data showed that its shares peaked at Tk486.9 each on 12 September last year and, since then, its share price has gradually been declining and hit its lowest at Tk135.8 each on 20 May.
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National Tea has turned to non-compliant as it failed to publish financial statements for the last three quarters of the current fiscal year, up to March 2025, keeping investors in the dark.
As per information, it also failed to hold its annual general meeting for fiscal year 2023–24.
Due to failure to publish half-yearly financials, the company applied to the Bangladesh Securities and Exchange Commission (BSEC) for time extension.
National Tea has hit a snag in its effort to raise capital through share issuance as investor interest remains lukewarm.
Despite extending its subscription period by five months, following a weak initial response from existing shareholders, the tea producer has failed to raise the expected funds.
So far, it has managed to raise only 40% of its Tk279 crore target.
With the fundraising effort faltering, National Tea has sought another three-month extension from the Bangladesh Securities and Exchange Commission (BSEC) to keep the plan alive.
AK Azad Chowdhury, company secretary of National Tea, told the Business Standard last month that they did not receive sufficient funds due to low investor response. "After the extended tenure ended in March, we applied to the BSEC for another three-month extension to meet the target."
