The Guyana Securities Council (GSC) and the Guyana Stock Exchange Inc have both declined to comment on complaints raised by Banks DIH over the movement in its share price.
Representatives from both, while requesting to remain unnamed, have said to Stabroek News that they have chosen not to publicly address the assertions put forth by Banks DIH.
This development follows a public expression of concern by Banks DIH. In a letter dated June 4th addressed to the GSC, Banks DIH highlighted a significant decrease in its share price from $300 per share in March 2022 to $115 per share in May 2024, despite a notable increase in revenue and profit over the period from 2019 to 2023. The company expressed bewilderment at this discrepancy and raised concerns about potential irregularities in trading activities.
The correspondence, made public in the June 6th edition of Stabroek News, underscored Banks DIH’s demand for a thorough investigation into the reasons behind the share price plunge. It called for immediate action from the GSC to suspend trading of its shares pending an inquiry into the matter.
Banks DIH in its letter, lamented this issue occurring for the past 16 years and cited a history of correspondence dating back to November 2008. Despite expressing willingness to address the issue, Banks DIH noted that no concrete steps had been taken by the GSC to resolve the ongoing concerns.
Banks DIH emphasized the necessity of suspending trading to safeguard shareholder interests and restore confidence in the stock market’s credibility. The company urged the GSC to modify existing rules and regulations to prevent similar occurrences in the future, alongside conducting a thorough investigation into the current situation.
The Securities Council, mandated under Section 5 of the Securities Industries Act Chap 73:04, operates independently to ensure fair and orderly dealings in securities while promoting the growth of Guyana’s capital market.
For shareholders of Banks DIH, the company has reassured that their shares remain transferable through the Banks DIH Shares Registry amidst ongoing developments.
