SEC approves IPO floatation by IBBL, Continental Ins

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FE Report
The Securities and Exchange Commission (SEC) at its regular meeting Tuesday approved the floatation of Initial Public Offerings (IPOs) by two companies.
It also fined senior officials of four companies for violating rules and regulations of the commission.
The SEC approved flotation of Mudaraba Bond by the Islami Bank Bangladesh Limited (IBBL) worth Tk 3.0 billion and IPOs of Continental Insurance Limited worth Tk 90 million.
The meeting sources said they have approved the Mudaraba Bond of the Islami Bank worth Tk 1.50 billion for public and Tk 1.50 billion as private placements.
The SEC approved the Continental Insurance Company Limited application to float 90,000 primary shares worth Tk 90 million with a face value of Tk 100 each.
In another move, the SEC approved rights share of the Standard Bank Limited at the rate of two for every share held by the investors.
At the meeting, the SEC slapped a fine worth Tk 100,000 on chairmen, managing directors and directors of the Chittagong Vegetable Oil Limited, Raspit Incorporation, Saleh Carpet Limited. It also fined Ibrahim Securities Limited, a brokerage house, Tk 100,000 for trading despite having a negative balance in its account.
In a briefing to the newsmen, a senior SEC official said six officials of Chittagong Vegetable Oil Limited including chairman, managing director and directors were fined Tk 100,000 each for violating corporate guidelines set by the SEC.
The chairman, managing director and three other directors of Saleh Carpet Limited were each fined Tk 100,000 for not preparing the financial statement for 2006 fiscal.