Navana CNG makes debut Sunday
Thursday, 27 August 2009
FE Report
Navana CNG Ltd, a sister concern of Navana Group, will make debut Sunday next on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under direct listing regulations.
The board of directors of the Dhaka Stock Exchange (DSE), in its meeting Wednesday, gave nod to start share trading of the company.
It also decided to introduce over the counter market (OTC) from September 6, under which shares of non-performing companies will be traded.
Under the direct listing regulations, trading of the shares of Navana CNG would take place at the spot market between 10:30am and 1:00pm on first trading day.
Initial 10 minutes of the debut day will be considered as price build up period and from 11th minute, ICB Securities Trading Co and Sharp Securities, the selling agents, will start selling shares of Navana CNG at the best market price.
Thereafter, trading will continue based on the market demand. Normal trading of the company will start on the third trading day while there will be no trading on the second trading day.
The company would offload 1,81,50,000 ordinary shares of Tk 10 each under the direct listing regulations to raise Tk 180 million from the stock market.
As of March this year, its existing paid up capital is Tk 300 million. Before the dilution, its earning per share was Tk 6.74.
Earlier, on July 26 DSE approved the listing application of Navana CNG. Aftab Automobiles, another concern of the Group, in its board of directors meeting earlier, decided 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 from Shafiul Islam, the Chairman, Navana CNG Limited.
The OTC market will be a separate trading floor to be used for companies once de-listed from the normal trading floor.
After opening the OTC market, non-performing and non-operational companies will be listed with the market for trading of their shares after being de-listed from the normal market.
Navana CNG Ltd, a sister concern of Navana Group, will make debut Sunday next on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under direct listing regulations.
The board of directors of the Dhaka Stock Exchange (DSE), in its meeting Wednesday, gave nod to start share trading of the company.
It also decided to introduce over the counter market (OTC) from September 6, under which shares of non-performing companies will be traded.
Under the direct listing regulations, trading of the shares of Navana CNG would take place at the spot market between 10:30am and 1:00pm on first trading day.
Initial 10 minutes of the debut day will be considered as price build up period and from 11th minute, ICB Securities Trading Co and Sharp Securities, the selling agents, will start selling shares of Navana CNG at the best market price.
Thereafter, trading will continue based on the market demand. Normal trading of the company will start on the third trading day while there will be no trading on the second trading day.
The company would offload 1,81,50,000 ordinary shares of Tk 10 each under the direct listing regulations to raise Tk 180 million from the stock market.
As of March this year, its existing paid up capital is Tk 300 million. Before the dilution, its earning per share was Tk 6.74.
Earlier, on July 26 DSE approved the listing application of Navana CNG. Aftab Automobiles, another concern of the Group, in its board of directors meeting earlier, decided 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 from Shafiul Islam, the Chairman, Navana CNG Limited.
The OTC market will be a separate trading floor to be used for companies once de-listed from the normal trading floor.
After opening the OTC market, non-performing and non-operational companies will be listed with the market for trading of their shares after being de-listed from the normal market.