Staff Reporter :
Bangladesh Securities and Exchange Commission (BSEC) has formed a body to probe into the United Airways’ sudden suspension of flight operation and resumption as well as reconstruction of the board.
“The BSEC has formed an enquiry committee on the whole issues relating to the suspension of operation, reconstruction of board of directors, coming back in operation and the recent trade pattern of United Airways,” according to a posting on the Dhaka Stock Exchange website on Sunday.
Meanwhile, price of United Airways shares rose 7.34 per cent, as the private carrier came back in flights operations after a three-day pause over a conflict among board members.
Each share of the lone listed airlines traded between Tk 11.90 and Tk 11.60 before closing at Tk 11.70 on the premier bourse.
More than 83.53 lakh shares of the carrier, which was listed on the stock exchange in 2010, were traded, generating a turnover of Tk 9.86 crore.
United Airways resumed its domestic and international flights on Saturday after its board members settled the conflicts among them through a five-hour closed-door meeting on Friday night.
The airlines had suspended its operations on Wednesday evening for an indefinite period after the company was strapped in a cash crunch due to failure of its reconstituted board coming up with a plan to keep it afloat.
Set up in 2007, the airline has 11 aircraft in its fleet: two Airbus 310s, five MD-83s, three ATR-72s and one Bombardier Dash-8. It was listed at the stock exchange in 2010.
United Airways operates domestic flights to Chittagong, Sylhet, Jessore, Cox’s Bazar, Rajshahi, Saidpur and Ishwardi.
On the international routes, it flies to Dubai, Kuala Lumpur, Kathmandu, Kolkata, Jeddah, Bangkok, Muscat and Singapore. General investors hold 74.37 per cent of the airline’s shares, institutional investors 17.19 percent and sponsors and directors 8.44 percent.
