DSE approves listing of Navana CNG
Monday, 27 July 2009
FE Report
The Dhaka Stock Exchange (DSE) has approved listing of the Navana CNG Ltd, a sister concern of Navana Group, under its direct listing regulations.
The approval came at the DSE board meeting Sunday.
"Share trading of the company will begin as soon as possible in the bourses after completing some formalities with the Securities and Exchange Commission (SEC)," said a DSE source.
The prime bourse will send the listing issue of the Navan CNG to the SEC for beginning the share trading of the company, he added.
Under the Direct Listing Regulations, the company will raise Tk 180 million.
Its existing paid up capital is Tk 300 million, face value at Tk 10 each, earning per share Tk 8.0 and net asset value Tk 12, according to its prospectus.
Earlier, Aftab Automobiles, another concern of the Group, said that it will invest in Navana CNG Limited for acquisition of 4.5 million shares of Tk. 10 each (i.e. 15 per cent of total holding) at face value.
Navana CNG Ltd is one of the leading CNG service providers in the country.
It represents the renowned manufacturer of CNG Re-fueling station technology Safe, Italy and has collaboration with OMNITEK, USA, Altenergy, India and Argenchip, Argentina for diesel driven vehicle conversion into CNG, according to its website.
Currently, it is running nine conversion workshops located at various locations in Bangladesh. Five of them are in the city, two in Chittagong and the remaining two in Sylhet and Bogra.
The Dhaka Stock Exchange (DSE) has approved listing of the Navana CNG Ltd, a sister concern of Navana Group, under its direct listing regulations.
The approval came at the DSE board meeting Sunday.
"Share trading of the company will begin as soon as possible in the bourses after completing some formalities with the Securities and Exchange Commission (SEC)," said a DSE source.
The prime bourse will send the listing issue of the Navan CNG to the SEC for beginning the share trading of the company, he added.
Under the Direct Listing Regulations, the company will raise Tk 180 million.
Its existing paid up capital is Tk 300 million, face value at Tk 10 each, earning per share Tk 8.0 and net asset value Tk 12, according to its prospectus.
Earlier, Aftab Automobiles, another concern of the Group, said that it will invest in Navana CNG Limited for acquisition of 4.5 million shares of Tk. 10 each (i.e. 15 per cent of total holding) at face value.
Navana CNG Ltd is one of the leading CNG service providers in the country.
It represents the renowned manufacturer of CNG Re-fueling station technology Safe, Italy and has collaboration with OMNITEK, USA, Altenergy, India and Argenchip, Argentina for diesel driven vehicle conversion into CNG, according to its website.
Currently, it is running nine conversion workshops located at various locations in Bangladesh. Five of them are in the city, two in Chittagong and the remaining two in Sylhet and Bogra.