Qazi Saleemul Huq, director of GQ Ball Pen Industries, has announced plans to gift company shares worth Tk10.50 crore to his sister, Shermin Huq, a general shareholder, marking a transfer of ownership within the family.
According to a disclosure filed with the stock exchanges today (5 March), Saleemul Huq – who currently holds 23.44 lakh shares – will transfer 2 lakh shares, representing ar 2.24% stake in the company, as a gift outside the trading system of the exchanges.
The transfer is expected to be completed within 30 working days starting from 3 March.
After eight consecutive years of losses and steadily declining sales, the company’s shares have surged significantly in recent months. Despite weak business fundamentals – including low sales and continued losses – the company’s market capitalisation has climbed to about Tk474 crore, even though its annual sales are only around Tk2 crore.
According to data from the Dhaka Stock Exchange, GQ Ball Pen’s share price closed at Tk525.10 each today.
The company manufactures various types of ballpoint pens and distributes them to stationery shops through its distributor network as well as to institutional buyers through sales personnel.
GQ Ball Pen has a paid-up capital of Tk8.93 crore, divided into 89.28 lakh shares, with about 60% of the shares held by general investors.
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