Business Desk :
The newly listed Union Insurance Company (UIC) has continued its abnormal surge of price despite there was no undisclosed price sensitive information (PSI).
The company’s share price jumped 495 per cent in last 20 sessions in a row since its debut trading on January 16.
Following the abnormal price hike, the company topped the chart of top 10 gainers for last two consecutive weeks.
On the day of the debut trading, the company’s share price closed at Tk 11 each in line with normal limit set in circuit breaker and finally the price jumped to Tk 65.50 each on Thursday.
In response to a query made by Dhaka Stock Exchange (DSE) on February 2, Union Insurance Company has informed that there is no undisclosed price sensitive information for recent unusual price hike.
In last week, the company topped the chart of the DSE’s top 10 gainers with a rise of 60.15 per cent.
The company also topped the chart of top 10 gainers in previous week on the premier bourse DSE.
As per the regulatory approval, Union Insurance raised a fund worth Tk 193.60 million from the capital market by issuing over 19.36 million ordinary shares at an offer price of Tk 10 per share under the fixed price method.
The company raised the IPO (initial public offering) fund to invest in fixed deposit receipts (FDR), stock market investment, purchase a floor space and to cater the cost of public offering.
