Tapan Chowdhury to buy 20 lakh shares of Square Pharma

Square Pharmaceuticals PLC Director Tapan Chowdhury is set to purchase 20 lakh shares of the company within 30 working days.

He made this disclosure via the Dhaka Stock Exchange's website, outlining his plans to acquire the shares through public and block market transactions.

As a result of the announcement, the share price of the pharmaceutical company experienced a 0.51% increase, reaching Tk215.30 on the Dhaka Stock Exchange today. The total value of the purchase stands at Tk43 crore based on the prevailing market rates.

Earlier, in January this year, Tapan Chowdhury and Ratna Patra, both directors of the company, made the declaration to buy a total of 20 lakh shares of the company within 30 working days. 

In the October to December quarter of the fiscal year 2023-24, the revenue of the company stood at Tk2,144 crore, which was Tk1,872 crore in the same period of the previous year.

Its profit after tax stood at Tk524.52 crore, which was Tk513 crore one year ago.

Its earnings per share was at Tk5.92 and its net asset value per share stood at Tk132.07 end of December 2023.

In the July to December period, its revenue stood at Tk3,746 crore, which was Tk3,751 crore a year ago. Its net profit after tax stood at Tk920 crore and its earnings per share was Tk10.37.

According to the company statement, several products of the company have been transferred to its wholly owned subsidiary (99.95%), Square Lifesciences Ltd. As a result, the standalone earnings per share of the company reduced during this period. 

However, the consolidated earnings per share of the group were not affected by this transfer and achieved positive growth during the period. 

As of 31 January 2024, sponsors and directors jointly held 35.01% of shares, institutions 15.21%, foreign 13.71%, and general investors 36.07% of the company.