Direct listing of ACI Formulations, Shinepukur Ceramics recommended
Monday, 27 October 2008
FE Report
The listing sub-committee of the Dhaka Stock Exchange (DSE) has recommended direct listing of two issues --ACI Formulations Limited and Shinepukur Ceramics Limited - and regular listing of Takaful Islami Insurance Limited.
The recommendation came at the meeting of the sub-committee held Sunday.
"The committee has sent its recommendations to the DSE board of directors for approval of direct listing of ACI Formulations and Shinepukur Ceramics, and for listing of the Takaful Islami Insurance Limited," a source close to the meeting told the FE.
The DSE board of directors will take decision at the meting scheduled for October 30 next on the listing after scrutinising the necessary documents, he added.
Meanwhile, Chittagong Stock Exchange (CSE) has also approved the listing of Takaful Islami Insurance Limited.
The insurance company might make debut on November 1 at both the bourses, subject to approval by the DSE board of directors.
On October 6, the ACI Formulations, a subsidiary of ACI Limited, and Shinepukur Ceramics, a subsidiary of Beximco Limited, applied to the prime bourse for direct listing under Direct Listing Regulations, 2006.
The ACI Formulations proposed to sell a maximum of 9,000,000 ordinary shares of Tk. 10 each out of its holding of 22,000,000 shares of Tk. 10 each in the stock market.
The ACI company sources said, the money to be raised from the market will be utilised for investing in new projects or sectors which have proven track records of giving high returns against low investment, rewarding the shareholders with good returns in commensurate with their contribution and taking steps to strengthen the balance sheet of the company.
The Shinepukur Holdings on October 05 disclosed that 3,50,11,800 ordinary shares of Tk. 10 each of Shinepukur Ceramics Ltd will be offloaded through direct listing under direct listing regulations.
Earlier, only five state-owned companies - DESCO, Power Grid, Meghna Petroleum Limited, Jamuna Oil Company Limited and the Titas Gas Limited - offloaded their shares in the stock market under direct listing rules.
The listing sub-committee of the Dhaka Stock Exchange (DSE) has recommended direct listing of two issues --ACI Formulations Limited and Shinepukur Ceramics Limited - and regular listing of Takaful Islami Insurance Limited.
The recommendation came at the meeting of the sub-committee held Sunday.
"The committee has sent its recommendations to the DSE board of directors for approval of direct listing of ACI Formulations and Shinepukur Ceramics, and for listing of the Takaful Islami Insurance Limited," a source close to the meeting told the FE.
The DSE board of directors will take decision at the meting scheduled for October 30 next on the listing after scrutinising the necessary documents, he added.
Meanwhile, Chittagong Stock Exchange (CSE) has also approved the listing of Takaful Islami Insurance Limited.
The insurance company might make debut on November 1 at both the bourses, subject to approval by the DSE board of directors.
On October 6, the ACI Formulations, a subsidiary of ACI Limited, and Shinepukur Ceramics, a subsidiary of Beximco Limited, applied to the prime bourse for direct listing under Direct Listing Regulations, 2006.
The ACI Formulations proposed to sell a maximum of 9,000,000 ordinary shares of Tk. 10 each out of its holding of 22,000,000 shares of Tk. 10 each in the stock market.
The ACI company sources said, the money to be raised from the market will be utilised for investing in new projects or sectors which have proven track records of giving high returns against low investment, rewarding the shareholders with good returns in commensurate with their contribution and taking steps to strengthen the balance sheet of the company.
The Shinepukur Holdings on October 05 disclosed that 3,50,11,800 ordinary shares of Tk. 10 each of Shinepukur Ceramics Ltd will be offloaded through direct listing under direct listing regulations.
Earlier, only five state-owned companies - DESCO, Power Grid, Meghna Petroleum Limited, Jamuna Oil Company Limited and the Titas Gas Limited - offloaded their shares in the stock market under direct listing rules.