Two pvt firms get SEC nod to go public
Friday, 5 February 2010
FE Report
Two private companies --- Ocean Container Limited (OCL) and Khulna Power Company Limited (KPCL) --- got the Securities and Exchange Commission (SEC) nod to go public through direct listing Thursday.
It also approved rights offers for Mercantile Bank at the ratio of 2:3.
The OCL will offload 11.90 million ordinary shares with face value of Tk. 10.
The KPCL will offload 52.14 million (5,21,48,250) ordinary shares, which will also have a face value of Tk. 10.
"These companies submitted their IPO applications before the finance ministry's decision, taken on November 5 last not to allow private companies under direct listing. That's why, the commission permitted the two private companies in principle to float their shares," said SEC Executive Director Anwarul Kabir Bhuiyan after the commission meeting.
"The SEC will officially inform both the Bangladesh bourses to list the two companies," he said.
"OCL will be listed in the Chittagang Stock Exchange (CSE) within next two weeks and the bidding process of KPCL will take about one month," Summit Group and OCL chairman Aziz Khan told the FE.
Mercantile Bank will issue 13.39 million (1,33,89,423) rights shares, which will have a face value of Tk 10.
At the same meeting, the SEC rejected the rights issues of One Bank Limited and BD Com Online Limited, which wanted to issue rights at the ratio of 1:3 and 1:1 respectively. The SEC said their proposals were rejected for non-compliance of the existing rules of the commission.
Two private companies --- Ocean Container Limited (OCL) and Khulna Power Company Limited (KPCL) --- got the Securities and Exchange Commission (SEC) nod to go public through direct listing Thursday.
It also approved rights offers for Mercantile Bank at the ratio of 2:3.
The OCL will offload 11.90 million ordinary shares with face value of Tk. 10.
The KPCL will offload 52.14 million (5,21,48,250) ordinary shares, which will also have a face value of Tk. 10.
"These companies submitted their IPO applications before the finance ministry's decision, taken on November 5 last not to allow private companies under direct listing. That's why, the commission permitted the two private companies in principle to float their shares," said SEC Executive Director Anwarul Kabir Bhuiyan after the commission meeting.
"The SEC will officially inform both the Bangladesh bourses to list the two companies," he said.
"OCL will be listed in the Chittagang Stock Exchange (CSE) within next two weeks and the bidding process of KPCL will take about one month," Summit Group and OCL chairman Aziz Khan told the FE.
Mercantile Bank will issue 13.39 million (1,33,89,423) rights shares, which will have a face value of Tk 10.
At the same meeting, the SEC rejected the rights issues of One Bank Limited and BD Com Online Limited, which wanted to issue rights at the ratio of 1:3 and 1:1 respectively. The SEC said their proposals were rejected for non-compliance of the existing rules of the commission.