Shares of Intech Limited, a struggling small-cap IT firm with a history of chronic losses, have experienced an extraordinary price hike recently. Market analysts and insiders suggest the rally is fueled by coordinated rumors attempting to link the newly appointed Bangladesh Bank Governor, Mostakur Rahman, to the company’s ownership and management.
Intech Ltd., which has faced losses in four of the last five fiscal years, saw its share price jump nearly 26% in just four trading sessions (February 22–26). The surge began two days before the Ministry of Finance officially appointed Mostakur Rahman as Governor and hit the 10% upper circuit breaker the day after the announcement, rising from Tk 29.70 to Tk 37.40.
Anatomy of a Market Rumor
Investigations into the sudden demand reveal a calculated “pump-and-dump” scheme. A vested interest group allegedly spread rumors that the new Governor holds a significant stake in Intech Ltd. and maintains business ties with the controversial Chattogram-based S Alam Group, which currently controls the company’s board.
However, a closer look at the shareholding records tells a different story:
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Historical Stake: When Intech was listed in 2002, Mostakur Rahman was the founder and Chairman, holding a 66.33% stake.
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Current Stake: Today, his holding is a nominal 0.50%.
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Legal Trap: Sources indicate he has been unable to sell this tiny fraction due to BSEC regulations requiring sponsors to collectively hold 30% of a company—a threshold other directors were unwilling to help maintain if he exited.
Saiful Islam, President of the DSE Brokers Association of Bangladesh (DBA), dismissed the links. “From what I understand, the Governor hasn’t had any communication with this company for years. A group is intentionally dragging his name into this to create a false association with the S Alam Group and tarnish his reputation.”
A Company on the Brink
Despite the soaring share price, Intech Limited’s financial health is dire. The company’s liabilities now exceed its assets, leading auditors Mahmud Sabuj & Co. Chartered Accountants to issue a warning regarding the firm’s “Going Concern” status (its ability to stay in business).
Financial Highlights (Recent Years):
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Cumulative Losses: Tk 32.72 crore (exceeding its paid-up capital of Tk 31.32 crore).
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Negative Equity: The company’s net asset value is currently negative Tk 1.40 crore.
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FY 2024-25: Reported a net loss of Tk 1.13 crore.
| Fiscal Year | Operating Income | Net Profit/Loss |
| 2020-21 | Tk 23 Lakh | (Tk 8.61 Crore) Loss |
| 2022-23 | Tk 1 Crore+ | (Tk 2.32 Crore) Loss |
| 2024-25 | — | (Tk 1.13 Crore) Loss |
Expert Warning
Market analysts warn that the current price levels are completely detached from the company’s fundamental value. “Investing in a company where liabilities exceed assets is extremely risky. If the company were to liquidate today, shareholders would receive nothing,” one analyst noted.
Efforts to reach Intech’s Company Secretary, Mohammad Zahedul Islam, for comment were unsuccessful as he did not respond to multiple calls and messages since March 4.
