ICB Islamic Bank SEC forms body to probe unusual share price hike

FE Report

The securities regulator Tuesday formed an enquiry committee to probe the recent unusual price hike of ICB Islamic Bank shares.

The share prices of ICB Islamic Bank, formerly known as Oriental Bank, increased more than double in the last one month, prompting the Securities and Exchange Commission to form the probe body, said an SEC official.

The two-member body, headed by Mohammad Rezaul Karim, an SEC director, has been asked to submit the investigation report by this month.

On Tuesday, stock prices of the junk shares rose 0.73 per cent to Tk 1442.25 per cent in the Dhaka Stock Exchange.

Listed in 1990, the bank posted a net loss of Tk 401.07 million in the first quarter that ended on March 31 last. Accumulated loss of the bank stood at Tk 12,127.36 million as of March.

Earlier on May 24, in response to a DSE query about the bank's unusual price rise, the bank said, "There is no undisclosed price sensitive information for the recent unusual price hike."