Three sponsors-directors of Paper Processing and Packaging Ltd have sold 9.37 lakh shares to help pay off the company's loans.
The directors earned Tk15.51 crore by selling their shares and paid off Social Islami Bank Ltd loan.
The directors took prior approval from the Bangladesh Securities and Exchange Commission (BSEC).
The company had a loan liability of Tk20 crore with Social Islami Bank Ltd as of March 2022.
The Magura Group concern listed on the capital market in 1990, but later slipped from the mainboard to the OTC platform following non-operation for many years.
The company returned from the over-the-counter (OTC) platform and was re-listed on the stock exchanges in June, 2021. Due to weak fundamentals, it was sent to the OTC in 2009.
Again, the company returned to the mainboard last year and its share trading resumed in mid-2021 in the "Z" category.
Paper Processing and Packaging Ltd is engaged in manufacturing, converting, and printing paper and paper products. It makes textbooks, exam sheets, brochures, register books, diaries, and training materials.
From January to March 2022, the revenue of the company stood at Tk5.93 crore, which was Tk3.97 crore for the same period last year.
January to March 2022, its net profit was Tk90 lakh, which is 114% higher than the same period in 2021.
Its earnings per share was Tk0.86 and net asset value per share stood at Tk29.94 as of 31 March 2022.
As of 31 July this year, sponsor-directors held 36.72% shares of the company while institutions and general investors have 0.54% and 62.74% shares respectively.
On Wednesday, its closing share price stood at Tk236.30 on the Dhaka Stock Exchange.