Beximco share floor price reduced by Tk5.4 to Tk110.10 due to stock dividend adjustment
Beximco's shares have been stuck at the previous floor price of Tk115.60 since July 2022, when the Bangladesh Securities and Exchange Commission (BSEC) imposed floor prices on all stocks due to economic uncertainties stemming from the Russia-Ukraine war
The Dhaka Stock Exchange (DSE) set a new floor price of Tk110.10 for Beximco Limited shares today (27 November), following adjustments for the company's recent stock dividend.
According to DSE sources, Beximco Limited recently recommended a 5% stock dividend for its shareholders for the fiscal year 2024, with the record date fixed for 25 November.
However, due to a technical issue, the DSE failed to adjust the share price immediately after the record date. Instead, on 26 November, the exchange incorrectly displayed a 5% rise in Beximco's share price.
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A senior DSE official, speaking on condition of anonymity, confirmed that the technical error was rectified today, and the new floor price was adjusted to Tk110.10, reflecting a 4.76% decrease from the previous floor price.
On the day, 55 shares of Beximco were traded at Tk10,000. Its market capitalisation stood at Tk10,903 crore.
Meanwhile, the Chittagong Stock Exchange (CSE) had already adjusted Beximco's floor price on 26 November, setting it at Tk 110.20.
Beximco's shares have been stuck at the previous floor price of Tk115.60 since July 2022, when the Bangladesh Securities and Exchange Commission (BSEC) imposed floor prices on all stocks due to economic uncertainties stemming from the Russia-Ukraine war.
While the BSEC has gradually eased the floor price restrictions for most companies, it has retained them for Beximco Limited and Islami Bank.
As per the BSEC notification, the lowest trading price of a listed company's shares following the record date for declared bonus or rights shares will be considered the revised floor price for the company.
Earlier, the DSE had also created complications over the redetermination of floor prices after the record dates of Shahjalal Islami Bank and Mercantile Bank.
Beximco Limited has reported a net loss of Tk113 crore in the July-September quarter of FY25, a substantial increase from the Tk70 crore loss recorded in the same period last year, as per the company's latest financial statement.
As per its un-audited report, the company reported a slump in revenue by over 48% year-on-year to Tk300 crore in the first quarter of fiscal 2024-25, with a loss per share amounting to Tk1.26 by the end of September.
