United Airways plans to float IPO by mid-Nov
Friday, 28 August 2009
FE Report
The United Airways, a local private airline, is planning to float initial public offering (IPO) by the middle of November to haul Tk 500 million subject to the approval of Securities and Exchange Commission (SEC), official sources said.
Apart from this, it is also planning to haul Tk 500 million more as pre-IPO placement, they added.
It will raise Tk 500 million through issuing a total of 5.0 million primary shares with a face value Tk 100 each, the company officials told the FE.
Non-resident Bangladeshis own 95 per cent of its equity and it is now operating both domestic and international routes.
"We've finished our procedures and are now waiting for the approval of the SEC," Wali-Ur Rahman, chief of shares division of the United Airways, told the FE.
He also said the board of directors of the private carrier in its meeting in 2008 approved the proposal of IPO launching.
It has recruited AAA Consultant and Financial Adviser as issue manager for the flotation of the IPO.
Company sources said it will procure two more aircraft through the IPO money.
"We're planning to purchase one Boeing-767 and one MD-83 with the IPO money," Wali added.
Currently, the United Airways has three aircraft including one MD-83 and two Dash-8.
The carrier launched its operation in July in 2007 after purchasing a Dash-8 from a Canadian supplier. It started its operation in domestic routes including Dhaka-Chittagong, Dhaka-Cox's Bazar, Dhaka-Sylhet and Dhaka-Jessore.
Currently, United Airways is also operating in different international routes including Bangkok, Kathmandu, Bahrain, Kuala Lumpur, Dubai and Kolkata.
It has recently got permission to carry passengers in Dhaka-London and Dhaka-Saudi Arabia routes.
The United Airways, a local private airline, is planning to float initial public offering (IPO) by the middle of November to haul Tk 500 million subject to the approval of Securities and Exchange Commission (SEC), official sources said.
Apart from this, it is also planning to haul Tk 500 million more as pre-IPO placement, they added.
It will raise Tk 500 million through issuing a total of 5.0 million primary shares with a face value Tk 100 each, the company officials told the FE.
Non-resident Bangladeshis own 95 per cent of its equity and it is now operating both domestic and international routes.
"We've finished our procedures and are now waiting for the approval of the SEC," Wali-Ur Rahman, chief of shares division of the United Airways, told the FE.
He also said the board of directors of the private carrier in its meeting in 2008 approved the proposal of IPO launching.
It has recruited AAA Consultant and Financial Adviser as issue manager for the flotation of the IPO.
Company sources said it will procure two more aircraft through the IPO money.
"We're planning to purchase one Boeing-767 and one MD-83 with the IPO money," Wali added.
Currently, the United Airways has three aircraft including one MD-83 and two Dash-8.
The carrier launched its operation in July in 2007 after purchasing a Dash-8 from a Canadian supplier. It started its operation in domestic routes including Dhaka-Chittagong, Dhaka-Cox's Bazar, Dhaka-Sylhet and Dhaka-Jessore.
Currently, United Airways is also operating in different international routes including Bangkok, Kathmandu, Bahrain, Kuala Lumpur, Dubai and Kolkata.
It has recently got permission to carry passengers in Dhaka-London and Dhaka-Saudi Arabia routes.