The Bangladesh Securities and Alternate Price (BSEC) has fined ASM Hasib Hasan, managing director of Hami Industries formerly frequently known as Imam Button Industries, Tk1 crore over shares manipulations.
The commission, in a assembly held this day (18 September) at its put of enterprise, imposed the graceful as part manipulation led to non-compliance of securities regulations.
Referring to the fines, Imam Button’s Managing Director ASM Hasib Hasan told The Enterprise Fashioned, “I did not receive any letter in this regard.”
He added, “To my recordsdata, I even possess not manipulated shares. When I purchased the shares, I promptly told the commission. I will likely be in a put to cherish the crucial aspects as soon as I receive the letter.”
First and foremost, Imam Button is a subsidiary of Chattogram-basically basically based Imam Neighborhood, and it used to be non-functional for the reason that 2018-19 financial twelve months.
Later, the commission reconstituted its board in February 2023 appointing Professor Mohammad Sogir Hossain Khandoker, Md Mahamud Hosain, and Mohammed Masum Iqbal as neutral directors.
Later, in August 2023, Imam Button, a producer of buttons for spirited garment industries, resumed its operation as it expanded its footprint in agro-projects.
In December, it entered right into a tannery enterprise on its manufacturing facility premises in Chattogram.
On March this twelve months, Imam Button modified its name to Hami Industries PLC.
Per the Dhaka Inventory Alternate (DSE), Hami Industries shares designate reached at the high in november remaining twelve months within two years. On 22 November 2023, its shares designate rose to Tk213.8 every.
And then, on 28 November, the BSEC suggested the DSE to analyze the unheard of amplify in part designate.
On that point, the commission, in an announcement, highlighted that its surveillance division observed a excellent 85% surge in Imam Button’s part designate, reaching Tk194.10 apiece between 7 September and 26 October of 2023.
Deeming this designate spin as unheard of, the BSEC has known as for scrutiny into the buying and selling activities of the firm to search out out if any manipulation has taken put.
