Ali Asghar Badruddin Africawala, a placement shareholder of BSRM Limited, yesterday informed that he intends to buy more of the company’s shares.
In a disclosure to the Dhaka Stock Exchange (DSE), the steel producer announced that Africawala—who holds 10.45 percent of its shares—aims to buy 9 lakh shares at the prevailing market price.
But despite this announcement, its share price dropped by 2.3 percent to close the day at Tk 79.90 per unit. Considering the current price, Africawala will have to spend Tk 7.19 crore on the purchase.
According to several of the company’s disclosures on the DSE website, he bought 18.5 lakh shares just last year.
The sponsors and owners of many listed companies are buying shares in the hope that it will boost investor confidence by reflecting their faith in the potential of their own businesses.
BSRM’s consolidated earnings per share rose slightly to Tk 6.74 by the end of the first half of the current fiscal year, compared to Tk 6.25 in the previous year.
As per DSE data, the steelmaker registered lower profits in the second quarter of FY25, even though its first-quarter performance was much better compared to the same period of the previous year. https://www.thedailystar.net/business/news/africawala-purchase-tk-7cr-shares-bsrm-3821246
