SEC approves Beximco's stake in Dhaka-Shanghai Ceramics
Thursday, 13 May 2010
FE Report
The securities regulator Wednesday approved the stake of Beximco Limited in Dhaka-Shanghai Ceramics Limited, setting up of two new credit rating (CR) agencies, and Agni System's proposal to issue preference shares.
The Securities and Exchange Commission (SEC) also decided to extend the perimeter of establishing head office of the brokerage houses from one kilometre to two kilometres from Dhaka Stock Exchange (DSE).
After the SEC's approval, Beximco Limited is going to take its stake in Dhaka-Shanghai Ceramics. As a result, the directors of Dhaka-Shanghai will get one Beximco share in exchange for their every four existing shares.
The paid-up capital of Dhaka-Shanghai Ceramics is Tk 210 million, which will take Beximco's paid-up capital to Tk 1.62 billion.
The two new credit rating agencies, which got the SEC nod, are Emerging Credit Rating Limited (ECRL) and National Credit Rating Limited (NCRL).
ECRL's entrepreneurs include Dr Jamil Uddin, Omar Faruque Bhuiyan and MK Mubin. The agency will operate with the help of Malaysian Berhad Credit Rating Agency.
NCRL's entrepreneurs include Khandaker Ibrahim Khalid, Dr Taufiq Rahman Chowdhury, Dr AK Abdul Mubin and Mumin Ullah Patoary. The agency will operate with the help of Indian Credit Analysis and Research Limited.
On the other hand, from now on the brokerage houses can operate their head offices from areas within two kilometres of the DSE. The SEC took the decision, as the rush of investors has almost paralysed Motijheel, the city's busiest commercial hub.
According to the SEC's another decision, Agni Systems Limited will issue 10 million preference shares at Tk 20.00 each, including a premium of Tk 10.00 under private placement. The preference shares will be fully convertible, and the lock-in period will be one year from the date of issue.
The securities regulator Wednesday approved the stake of Beximco Limited in Dhaka-Shanghai Ceramics Limited, setting up of two new credit rating (CR) agencies, and Agni System's proposal to issue preference shares.
The Securities and Exchange Commission (SEC) also decided to extend the perimeter of establishing head office of the brokerage houses from one kilometre to two kilometres from Dhaka Stock Exchange (DSE).
After the SEC's approval, Beximco Limited is going to take its stake in Dhaka-Shanghai Ceramics. As a result, the directors of Dhaka-Shanghai will get one Beximco share in exchange for their every four existing shares.
The paid-up capital of Dhaka-Shanghai Ceramics is Tk 210 million, which will take Beximco's paid-up capital to Tk 1.62 billion.
The two new credit rating agencies, which got the SEC nod, are Emerging Credit Rating Limited (ECRL) and National Credit Rating Limited (NCRL).
ECRL's entrepreneurs include Dr Jamil Uddin, Omar Faruque Bhuiyan and MK Mubin. The agency will operate with the help of Malaysian Berhad Credit Rating Agency.
NCRL's entrepreneurs include Khandaker Ibrahim Khalid, Dr Taufiq Rahman Chowdhury, Dr AK Abdul Mubin and Mumin Ullah Patoary. The agency will operate with the help of Indian Credit Analysis and Research Limited.
On the other hand, from now on the brokerage houses can operate their head offices from areas within two kilometres of the DSE. The SEC took the decision, as the rush of investors has almost paralysed Motijheel, the city's busiest commercial hub.
According to the SEC's another decision, Agni Systems Limited will issue 10 million preference shares at Tk 20.00 each, including a premium of Tk 10.00 under private placement. The preference shares will be fully convertible, and the lock-in period will be one year from the date of issue.