DSE listing body says no to MI Cement again
FE Report | Monday, 18 April 2011
FE Report
The listing committee of Dhaka Stock Exchange (DSE) Sunday once again rejected the listing proposal of MI Cement, sources said. The committee will convey its decision to the board of DSE which will take the final decision on the issue. The board is scheduled to hold its meeting very soon. According to the sources, MI Cement applied to the DSE seeking permission to be listed with the bourse offering compensation to its primary shareholders if the prices fall below offer prices within six months of start of the trading. In condition of anonymity a member of the DSE listing committee told the FE that the compensation proposal which the MI Cement made earlier was not consistent with the Company Law, so DSE rejected the proposal. "MI Cement again came up with same proposal and that's why the listing committee has refused to accept it," he added. Meanwhile, the listing committee has okayed listing proposal of Salvo Chemical. The company has raised Tk 260 million from the capital market. The board of DSE will fix the trading date for Salvo Chemical soon.
The listing committee of Dhaka Stock Exchange (DSE) Sunday once again rejected the listing proposal of MI Cement, sources said. The committee will convey its decision to the board of DSE which will take the final decision on the issue. The board is scheduled to hold its meeting very soon. According to the sources, MI Cement applied to the DSE seeking permission to be listed with the bourse offering compensation to its primary shareholders if the prices fall below offer prices within six months of start of the trading. In condition of anonymity a member of the DSE listing committee told the FE that the compensation proposal which the MI Cement made earlier was not consistent with the Company Law, so DSE rejected the proposal. "MI Cement again came up with same proposal and that's why the listing committee has refused to accept it," he added. Meanwhile, the listing committee has okayed listing proposal of Salvo Chemical. The company has raised Tk 260 million from the capital market. The board of DSE will fix the trading date for Salvo Chemical soon.