Square Pharmaceuticals' Director Anjan Chowdhury yesterday expressed his intention to buy 15 lakh shares of his company, the largest drug producer in Bangladesh.

The value of the shares was Tk 32 crore as per the closing price of Square Pharmaceuticals at the Dhaka Stock Exchange (DSE).

According to a disclosure on the DSE website, Chowdhury wants to buy the shares at the prevailing market price in the public and block market through the bourse within the next 30 working days.

As of 30 November last year, Chowdhury held 9.2 percent of the stakes in Square Pharmaceuticals, the major concern of Square Group, one of the biggest local conglomerates.

Overall, sponsors or directors held 42.91 percent of the shares of the drug manufacturer, followed by 27.67 percent held by the public.

Foreign and institutional investors held 15.54 percent and 13.88 percent stakes respectively in Square Pharmaceuticals at the end of January this year.

The pharma producer and exporter's net profit rose 26 percent year-on-year to Tk 660 crore in the October-December period of the 2024-25 fiscal year.

The higher income from investments and increased profits from associated companies helped Square Pharmaceuticals achieve a rise in earnings.

During the first half of the financial year 2024-25, Square Pharmaceuticals recorded a profit of Tk 1,269.64 crore, up 13 percent year-on-year, according to its financial statement for the second quarter.

Despite increased earnings, shares of the drug maker declined 2.76 percent to Tk 214.9 today from Tk 221 three months ago.

cc