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Miracle Industries Stocks Surge as Production Resumes

Industry: Packaging, Stationery & Printing, Stock Brokerage, Stock Market
Company: Dhaka Stock Exchange (DSE), Miracle Industries Limited
Company Intelligence Tag: Business Insights

Miracle Industries Limited has declared plans to resume manufacturing by September 30. Investors have been more upbeat as a result of this event because the company has been inactive since July 1, 2022. According to DSE, after the announcement on August 21, the company’s stock price experienced a remarkable increase of 56.28% over 14 trading sessions, reaching Tk52.2 per share from Tk33.40.

Mehmood Equities Ltd., which recently acquired a 10% share, has been in charge of reviving Miracle Industries Ltd.’s operations. According to the shareholders’ agreement, Miracle Industries has two groups of shareholders: Group A holds 20% ownership of the company and Group B holds 10%.

As of their report, sponsor directors held 30 percent of the company’s total shares, while general investors owned 70 percent as of May 31, 2023. Its latest available financial data for FY20 showed a loss of Tk13 crore and a loss per share of Tk3.62. Despite this, the company paid a modest 1% cash dividend to shareholders for the fiscal year 2019–20.

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