DSE rejects MI Cement listing proposal finally
Tuesday, 19 April 2011
FE Report
The board of directors of Dhaka Stock Exchange (DSE) formally rejected the listing proposal of MI Cement Monday. The DSE board approved the listing proposal of Salvo Chemical on the day. The company will make its debut on the stock exchange Thursday (April 21). Earlier, the listing committee of the bourse opposed the listing proposal of MI Cement as its proposal for giving compensation to the investors was inconsistent with the Company Law. Share price of MI Cement has been fixed at Tk 111.60 each under book building system against face value of Tk 10 which believed to be overpriced. The DSE turn down the listing proposal of the cement manufacturer for the second time. In both cases, MI Cement applied to the DSE offering compensation to its primary shareholders if the prices of shares fall below offer prices within six months of start of the trading.
The board of directors of Dhaka Stock Exchange (DSE) formally rejected the listing proposal of MI Cement Monday. The DSE board approved the listing proposal of Salvo Chemical on the day. The company will make its debut on the stock exchange Thursday (April 21). Earlier, the listing committee of the bourse opposed the listing proposal of MI Cement as its proposal for giving compensation to the investors was inconsistent with the Company Law. Share price of MI Cement has been fixed at Tk 111.60 each under book building system against face value of Tk 10 which believed to be overpriced. The DSE turn down the listing proposal of the cement manufacturer for the second time. In both cases, MI Cement applied to the DSE offering compensation to its primary shareholders if the prices of shares fall below offer prices within six months of start of the trading.