Hami Industries shares soar 55% in six-day

Infographic: TBS

The share price of Hami Industries, formerly known as Imam Button Industries, has jumped over 55% in the last six trading sessions, despite no material information being disclosed that could impact its financials.

Under the new ownership, Hami Industries resumed operations in August 2023 after more than five years, transforming its business from button manufacturing to an agro-based enterprise.

According to the Dhaka Stock Exchange (DSE), six days earlier, on 27 October, the share price was Tk51.7 each. Yesterday, the share price closed at Tk80.4, marking a 9.99% hike over the previous trading session.

Regarding the recent unusual hike in its price, the DSE sent a query on 31 October to Hami Industries through an email and hard copy as well.

In a disclosure on the DSE's website, it said that as of Sunday, Hami Industries has not provided any response to the query.

The new owner

Originally, Imam Button was a subsidiary of Chattogram-based Imam Group, and it has been non-functional since the fiscal year 2018-19.
Later, the commission reconstituted its board in February 2023, appointing Professor Mohammad Sogir Hossain Khandoker, Md Mahamud Hosain, and Mohammed Masum Iqbal as independent directors.

Then, ASM Hasib Hasan, a shareholder of the company who owned over 2% shares, took charge as a managing director of Imam Button Industries.

Later, in August 2023, Imam Button, a producer of buttons for ready garment industries, resumed its operation as it expanded its footprint in agro-projects.

In December, it entered into a tannery business on its factory premises in Chattogram.

In September, the commission fined ASM Hasib Hasan by Tk1 crore over share price manipulation that violated securities laws.

Later, ASM Hasib Hasan died, and the company turned into trouble again.