SEC approves IPOs of Tk 455m, a new asset management co
Wednesday, 17 September 2008
The Securities and Exchange Commission Tuesday approved two new IPOs (Initial Public Offerings) of Tk 455 million and a new asset management company, reports UNB.
The approval came at the regular ‘commission meeting’ chaired by SEC chairman Faruq Ahmad Siddiqi that also decided to hold lottery of an issue in four weeks and cut short the time to refund subscription to five weeks from existing six weeks, starting with these two new IPOs.
The commission also decided to publish the lottery results of any new issue at the websites of the Dhaka and Chittagong stock exchanges, SEC executive director Farhad Ahmed told reporters of the decisions at his office.
Of the IPOs, he said BSRM Steel Co Ltd would mobilise Tk 200 million through issuing 2,000,000 shares of Tk 100 each to meet the working capital requirements of the company already in commercial operation.
The BSRM Steel has an authorised capital of Tk 2.0 billion and paid up capital of Tk 1.25 billion while the company auditor certified that the company's net asset value (NAV) would be Tk 100 per share.
Another company, Bay Leasing and Investment Company would mobilise Tk 255 million through issuing 1,020,000 shares of Tk 250 per share, including a premium of Tk 150 each, to meet the regulatory requirement of increasing the paid up capital.
The company, having merchant banking license, is authorised to raise capital to Tk 500 million while the paid up capital is Tk 102 million. The company auditor certified its net asset value at Tk 370.30 per share and earning per share of Tk 77.30.
Race Management Private Company Limited has won the SEC approval to operate in the capital market as the sixth private asset management company.
Farhad Ahmed said the SEC prefers the small investors to invest through asset managers for reducing risks for the investments and the new asset management company is expected to contribute in this regard.
He added that they would also help bring in new mutual funds to the market.
The approval came at the regular ‘commission meeting’ chaired by SEC chairman Faruq Ahmad Siddiqi that also decided to hold lottery of an issue in four weeks and cut short the time to refund subscription to five weeks from existing six weeks, starting with these two new IPOs.
The commission also decided to publish the lottery results of any new issue at the websites of the Dhaka and Chittagong stock exchanges, SEC executive director Farhad Ahmed told reporters of the decisions at his office.
Of the IPOs, he said BSRM Steel Co Ltd would mobilise Tk 200 million through issuing 2,000,000 shares of Tk 100 each to meet the working capital requirements of the company already in commercial operation.
The BSRM Steel has an authorised capital of Tk 2.0 billion and paid up capital of Tk 1.25 billion while the company auditor certified that the company's net asset value (NAV) would be Tk 100 per share.
Another company, Bay Leasing and Investment Company would mobilise Tk 255 million through issuing 1,020,000 shares of Tk 250 per share, including a premium of Tk 150 each, to meet the regulatory requirement of increasing the paid up capital.
The company, having merchant banking license, is authorised to raise capital to Tk 500 million while the paid up capital is Tk 102 million. The company auditor certified its net asset value at Tk 370.30 per share and earning per share of Tk 77.30.
Race Management Private Company Limited has won the SEC approval to operate in the capital market as the sixth private asset management company.
Farhad Ahmed said the SEC prefers the small investors to invest through asset managers for reducing risks for the investments and the new asset management company is expected to contribute in this regard.
He added that they would also help bring in new mutual funds to the market.