SEC rejects First Security Bank's application

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FE Report
The Securities and Exchange Commission (SEC) at its regular commission meeting Tuesday rejected the application of the First Security Bank seeking permission to float their Initial Public Offerings (IPOs) due to some problems.
Earlier, First Security Bank Limited, a third generation bank, filed an application to the SEC for floating IPOs worth Tk 1.0 billion.
"But, First Security Bank Limited failed to meet the conditions set by the SEC," said a senior official of the SEC after the commission meeting Tuesday.
He said BB has already cautioned the SEC saying that the First Security Bank still remained under the early warning category of the central bank.
The other conditions for floating IPOs were, however, fulfilled by the First Security Bank Limited, the SEC senior official told the FE.
In the commission meeting the officials of the SEC approved the City General Insurance Company for floating IPOs worth Tk 900 million on the stock market.
The face value of the City General Insurance Company Limited is Tk 100.00 for per share.
The SEC senior official said there at least 13 companies are in the pipeline for floating IPOs on the stock market to augment their capital.