Aziz Mohammad Bhai buys 27 lakh new shares of Olympic Industries

Aziz Mohammad Bhai, chairman of Olympic Industries, has completed purchasing 27 lakh new shares of the company at prevailing market price through the Dhaka Stock Exchange (DSE).

He increased the shares of the company to 17 percent from existing 15.52 percent of the total outstanding securities.

The value of the 3.37 crore shares he presently owns stands at Tk 499 crore, according to a posting of Olympic Industries on the DSE website today.

Of the 19.99 crore shares of the company, directors and sponsors now hold 44.66 percent shares, foreign shareholders 23.96 percent, general investors 11.51 percent and institutional investors 19.87 percent as on June 30 of 2023.

The largest biscuit maker in Bangladesh made a profit of Tk 155.6 crore in the 2022-23 fiscal year ending on June 30, up 29 percent year-on-year, according to the company's annual report for 2023.

The share price of Olympic has been experiencing a falling trend. In the last one year, its highest price was Tk 176.8 on April 26 of 2023 and the lowest Tk 141.2 on November 27 same year.

Today, Olympic shares ended the day at Tk 148, down 0.54 percent from the previous day.

The stock investors feel encouraged when an owner purchases shares of a company amid a price falling trend, said Mohammad Emran Hasan, managing director and chief executive officer of Investit Asset Management Ltd.

"When a sponsor purchases shares of his/her own company, it means the person has confidence in the company's stocks and it gives confidence to the small investors."

The investors who have available cash should invest ideal money on the stock market during a falling trend, because within a few months the prices will rise again, he said.