MI Cement men find no reason for non-listing
Thursday, 21 April 2011
FE Report
The authorities of the MI Cement Limited claimed Wednesday that there was no reason for non-listing of the company with the bourses as they had complied with all rules and regulations of the SEC. "We have complied with all rules and regulations of the SEC and we hope that both the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) will allow the company to be listed very soon," said Chairman of the company Jahangir Alam at a press conference. He told the conference that they had already applied to the Securities and Exchange Commission (SEC) seeking one month time extension as the company's earlier time frame for listing expires today (Thursday). According to the SEC Rules, companies' initial public offering (IPO) will be scrapped once they fail to be listed within 75 days of subscription. Closing date for MI Cement subscription was January 13 and IPO draw was held on February 9. The first 75 days' time limited for the company expired on March 29. But, the SEC extended two weeks more time for the company to be listed with the bourses upon their application. The company raised Tk 111.60 for each share under book building system against face value of Tk 10. However, Mr Jahangir claimed that the company's share price was not overpriced. "The DSE doesn't say that our company's share price is overpriced," he claimed.
The authorities of the MI Cement Limited claimed Wednesday that there was no reason for non-listing of the company with the bourses as they had complied with all rules and regulations of the SEC. "We have complied with all rules and regulations of the SEC and we hope that both the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) will allow the company to be listed very soon," said Chairman of the company Jahangir Alam at a press conference. He told the conference that they had already applied to the Securities and Exchange Commission (SEC) seeking one month time extension as the company's earlier time frame for listing expires today (Thursday). According to the SEC Rules, companies' initial public offering (IPO) will be scrapped once they fail to be listed within 75 days of subscription. Closing date for MI Cement subscription was January 13 and IPO draw was held on February 9. The first 75 days' time limited for the company expired on March 29. But, the SEC extended two weeks more time for the company to be listed with the bourses upon their application. The company raised Tk 111.60 for each share under book building system against face value of Tk 10. However, Mr Jahangir claimed that the company's share price was not overpriced. "The DSE doesn't say that our company's share price is overpriced," he claimed.