Hami Industries shares soar 37% in seven days
Under the new ownership, Hami Industries resumed operations in August 2023 after being nonfunctional for more than five years, transforming its business from button manufacturing to an agro-based enterprise
Shares in Hami Industries – previously Imam Button Industries – have jumped more than 37% in the last seven trading sessions without any disclosures that could influence its stock.
Under the new ownership, Hami Industries resumed operations in August 2023 after being nonfunctional for more than five years, transforming its business from button manufacturing to an agro-based enterprise.
According to the Dhaka Stock Exchange (DSE), shares soared from Tk75.9 each on 5 December to close at Tk103.20 today (17 December), marking a 9.90% increase over the previous session.
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Regarding the recent unusual price hike, the DSE sent a query last week. In response to the query today, Hami Industries stated that there is no undisclosed price-sensitive information regarding the recent unusual price increase and surge in trading volume.
In November, the Bangladesh Securities and Exchange Commission (BSEC) rejected the company's application to raise capital by issuing 50 lakh shares at a face value of Tk10.
The decision came after it was discovered that the company had submitted falsified and fabricated documents to justify the utilisation of share money deposits.
Originally, Imam Button was a subsidiary of the Chattogram-based Imam Group and had been non-functional since the fiscal 2018-19. Later, in February 2023, the commission reconstituted its board, appointing Professor Mohammad Sogir Hossain Khandoker, Md Mahamud Hosain, and Mohammed Masum Iqbal as independent directors.
ASM Hasib Hasan, a shareholder who owned over 2% of the company's shares, subsequently took charge as the managing director of Imam Button Industries.
In August 2023, the company resumed operations and expanded its footprint into agro-projects. In December, it also entered the tannery business on its factory premises in Chattogram.
In September, the commission fined ASM Hasib Hasan Tk1 crore for share price manipulation that violated securities laws. However, following his death, the company encountered further difficulties.
The company has yet to disclose its audited financial report for the last fiscal year.
