Trading of Titas Gas shares begins in spot market today
FE Report | Wednesday, 2 July 2008
The state-run gas distribution company Titas will make debut in the stock market under Direct Listing Regulations today (Wednesday).
The company will be the largest issue in the stock market under direct listing with offloading the highest number of shares worth Tk 2.14 billion (face value Tk 100 each).
The Titas Gas Transmission and Distribution Co Ltd will float 25 per cent shares out of its total stake with the market lot of 50.
According to the modus operandi of the share trading prepared by the Dhaka Stock Exchange, Chittagong Stock Exchange and ICB Securities Trading Company, trading of the Titas will be held in spot market up to 12.00 pm for the first two working days.
First ten minutes of the first trading day will be considered as price building period and thereafter from the 11th minute the ICB Securities Trading Co. Limited will start selling at best market price.
Then, trading will remain closed on the third day to allow the market to distribute the shares traded on the first two days.
An investor will be allowed to place an order for minimum 200 shares and maximum 1,000 shares for each order for the first five days.
No investor will be allowed to sell his shares in first two days. The first two days of spot market will not be included in the index. The Circuit Breaker (CB) and the Circuit Filter (CF) will remain open for the first five days.
After first two days of spot trading, the company will be traded in public, odd and bloc market during normal trading hours and be included in the index.
Titas Gas will be the fifth issue under direct listing.
The other issues are Jamuna Oil Company, Meghna Petroleum, Dhaka Electric Supply Company Ltd (DESCO) and Power Grid Company of Bangladesh (PGCB).
DESCO is the first issue under direct listing regulations which began its trading on June 18, 2006.
The company will be the largest issue in the stock market under direct listing with offloading the highest number of shares worth Tk 2.14 billion (face value Tk 100 each).
The Titas Gas Transmission and Distribution Co Ltd will float 25 per cent shares out of its total stake with the market lot of 50.
According to the modus operandi of the share trading prepared by the Dhaka Stock Exchange, Chittagong Stock Exchange and ICB Securities Trading Company, trading of the Titas will be held in spot market up to 12.00 pm for the first two working days.
First ten minutes of the first trading day will be considered as price building period and thereafter from the 11th minute the ICB Securities Trading Co. Limited will start selling at best market price.
Then, trading will remain closed on the third day to allow the market to distribute the shares traded on the first two days.
An investor will be allowed to place an order for minimum 200 shares and maximum 1,000 shares for each order for the first five days.
No investor will be allowed to sell his shares in first two days. The first two days of spot market will not be included in the index. The Circuit Breaker (CB) and the Circuit Filter (CF) will remain open for the first five days.
After first two days of spot trading, the company will be traded in public, odd and bloc market during normal trading hours and be included in the index.
Titas Gas will be the fifth issue under direct listing.
The other issues are Jamuna Oil Company, Meghna Petroleum, Dhaka Electric Supply Company Ltd (DESCO) and Power Grid Company of Bangladesh (PGCB).
DESCO is the first issue under direct listing regulations which began its trading on June 18, 2006.