Pearl Paper and Board Mills, a corporate sponsor of the Monospool Paper Manufacturing Company, has announced it will sell one lakh Monospool shares from its holdings.
According to the disclosure of Monospool Paper on the Dhaka Stock Exchange (DSE) website on Sunday, the shares will be sold at the prevailing market price on the DSE within the next 30 working days.
According to Monospool Paper's FY21 annual report, Pearl Paper held 218,526 shares, which is 2.33% of all Monospool shares.
Earlier, Pearl Paper first sold off 55,000 shares of Monospool from its holdings. After the second sale, it will have only 63,526 of the company shares.
After 12 years, in June last year, Monospool Paper returned to the main board from over-the-counter (OTC) of the stock exchanges.
When the company got re-listed on the main board, its share price was Tk17.1 which then increased several times.
In February this year, its share price abnormally rose to more than Tk300 each and then came down to Tk200.
Due to the pandemic, the company had faced a blow as sales declined significantly.
Now, after gaining regulatory approval, the company's corporate sponsors are selling off shares for repayment of its soon to be classified loans.