DSE approves direct listing of two new issues
Friday, 31 October 2008
FE Report
The board of directors of Dhaka Stock Exchange (DSE) approved Thursday direct listing of two new issues -- ACI Formulations Limited and Shinepukur Ceramics Limited--and also listing of Takaful Insurance Limited.
The two new issues will be the first private companies, the shares of which will be traded under direct listing after five state-owned enterprises.
On the other hand, the Takaful Islami Insurance will make its debut on November 3 at both DSE and Chittagong Stock Exchange (CSE).
The board has also decided to de-list the Shinepukur Holdings Ltd. and Beximco Fisheries Ltd with effect from November 2 following their amalgamation with Beximco Ltd.
"The prime bourse has sent its consent letters on direct listing to the ACI and Shinepukur Ceramics and asked them to publish Information Documents (ID) in national dailies as early as possible," said a source.
Both the companies under the Direct Listing Regulations 2006 will make their debuts in a single day after completion of all formalities, he added.
On October 6, the ACI Formulations, a subsidiary of ACI Limited, and on October 5 Shinepukur Ceramics, a subsidiary of Beximco Limited, applied to the prime bourse for direct listing.
The ACI Formulations has offered to sell maximum 9.0 million (90 lakh) ordinary shares with the face value of Tk.10 each out of its total 22.0 million shares.
The ACI sources said the raised money will be utilised for investing in new projects, rewarding the shareholders with good returns commensurate with their contribution and taking steps to strengthen the balance sheet of the company to found the company on a strong footing.
Shinepukur Holdings has offered to sell over 35 million (35,011,800) ordinary shares with the face value of Tk 10 each.
The fund raised from the stock market will be utilised for investment in Beximco's subsidiary companies, including Shinepukur Ceramics Limited, for expansion of their capacities, repayment of their debts, diversification of their business and providing working capital, according to sources in the Beximco.
The board of directors of Dhaka Stock Exchange (DSE) approved Thursday direct listing of two new issues -- ACI Formulations Limited and Shinepukur Ceramics Limited--and also listing of Takaful Insurance Limited.
The two new issues will be the first private companies, the shares of which will be traded under direct listing after five state-owned enterprises.
On the other hand, the Takaful Islami Insurance will make its debut on November 3 at both DSE and Chittagong Stock Exchange (CSE).
The board has also decided to de-list the Shinepukur Holdings Ltd. and Beximco Fisheries Ltd with effect from November 2 following their amalgamation with Beximco Ltd.
"The prime bourse has sent its consent letters on direct listing to the ACI and Shinepukur Ceramics and asked them to publish Information Documents (ID) in national dailies as early as possible," said a source.
Both the companies under the Direct Listing Regulations 2006 will make their debuts in a single day after completion of all formalities, he added.
On October 6, the ACI Formulations, a subsidiary of ACI Limited, and on October 5 Shinepukur Ceramics, a subsidiary of Beximco Limited, applied to the prime bourse for direct listing.
The ACI Formulations has offered to sell maximum 9.0 million (90 lakh) ordinary shares with the face value of Tk.10 each out of its total 22.0 million shares.
The ACI sources said the raised money will be utilised for investing in new projects, rewarding the shareholders with good returns commensurate with their contribution and taking steps to strengthen the balance sheet of the company to found the company on a strong footing.
Shinepukur Holdings has offered to sell over 35 million (35,011,800) ordinary shares with the face value of Tk 10 each.
The fund raised from the stock market will be utilised for investment in Beximco's subsidiary companies, including Shinepukur Ceramics Limited, for expansion of their capacities, repayment of their debts, diversification of their business and providing working capital, according to sources in the Beximco.