Olympic Accessories Limited, facing three consecutive years of losses, witnessed a 78% surge in its share price over 14 trading sessions, reaching Tk 20.5 from Tk 11.5 on November 30, 2023, at the Dhaka Stock Exchange (DSE). The recent increase is attributed to rumors of a renowned garment accessories firm considering a takeover.
Despite a slight decrease to Tk 18, the company denies undisclosed price-sensitive information and any ownership change plans. Olympic Accessories has faced losses due to reduced purchase orders amid the global crisis, resulting in a loss of Tk 1.42 crore in the July to September quarter of 2023.
The board’s failure to meet the regulatory requirement of jointly holding a minimum of 30% of shares has fueled takeover rumors. As of September 2023, the company’s per-share loss is Tk 0.08, with a net asset value per share of Tk 10.97.