Merchant Bank GSP Investment will get Tk 395 crore for margin loans to 275 customers in capital loss. The market value of the shares in the customer’s account against the loan is only Tk 33.68 million. As a result, if all the shares are sold to recover the debt, the loss of the merchant bank will be more than 361 crore taka.
GSP Investments is a subsidiary of financial institution GSP Finance. In the audit report of the financial institution for the year ended December 31, 2023, the auditor made such observations. Dhaka Stock Exchange (DSE) published it yesterday Wednesday.
In the observation, the audit firm also said that against the huge amount of losses, the merchant bank has preserved capital of only 60 crore taka. Meanwhile, the situation of GSP Finance is also the same. The auditor’s observation in the same audit report is that its bad debt amount till 2023 was Tk 477 crore 72 lakh. Against this, a provision of Tk 464 crore 33 lakh was required. But the company has made a provision of Tk 235 crore 55 lakh. The provision deficit is Tk 228 crore 78 lakh. The auditor has opined that the company’s asset value should be reduced by an equivalent amount considering the shortfall in provisioning.
Shares of most companies listed on the DSE fell on Wednesday after the main index rose 68 points for three consecutive days. Yesterday in this market, against the increase in the price of 92 companies, 245 lost the price and the price of 57 was unchanged. A review of sector-wise transactions showed that most of the shares in all sectors except the paper and printing sector lost their share price. The DSEX index lost 25 points from the previous day, falling to 5177 points. Again, the amount of transactions in taka decreased by 86 crores to 413 crores.
After a series of recent price declines, some stocks are seen to suddenly come to the top of the price increase. However, most of them do not see the trend of price increase after that. Bangaj Limited was the top gainer in DSE yesterday. The price of this company increased by 10 percent and was last traded at 104 taka 50 paisa. Since last November, the share has been seen hovering between Tk 90 and Tk 100. The price of BD Autocar, which is in the second position, increased by almost 10 percent and was last traded at 92 taka 70 paisa. This share was also fluctuating between 80 and 90 taka since last November.
