News Briefs (19-11-2018)

IPO subscription of Genex Infosys opens
The initial public offering (IPO) subscription of Genex Infosys started on Sunday under fixed price method. The company's IPO subscription by the eligible investors through electronic subscription system will be continued till 5:30pm on November 29. Genex Infosys, the IT sector company, will raise a fund worth Tk 200 million from the capital market under fixed price method. The securities regulator - Bangladesh Securities and Exchange Commission (BSEC, approved the company's IPO proposal on September 04. As per the securities regulator's approval, Genex Infosys will offload 20 million ordinary shares at an offer price of Tk 10 each under the fixed price method. A market lot is 500 shares and an investor needs Tk 5,000 to apply for per lot of the company's IPO. The required amount (per lot) of foreign currency for NRBs and foreign applicants for IPO of the company are US$ 60.17 or GBP 46.46 or EUR 52.74, according to Dhaka Stock Exchange (DSE). The company will utilise the fund to expand call centre business, repay bank loan partially and bear the IPO expenses. The company's pre-IPO paid-up capital is Tk 616 million and post-IPO paid-up capital will be Tk 816 million. Its authorised capital is Tk 1.0 billion.— FE Report

SBL inks deal with FII
Standard Bank Limited (SBL) signed an agreement with Fintech Innovations International (FII) DMCC, UAE on "Trade Assets Platform Member Subscription" recently at the Head Office of the Bank. Mamun-Ur-Rashid, Managing Director & CEO of SBL and Sumit Roy, President & CMO of FII, seen. Under this agreement, SBL as a member of "TRADE ASSETS" platform will be able to execute international trade finance transactions directly with other foreign financial institutions. — Statement