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BSEC asks DSE to take steps for Coppertech listing

FE Report | July 25, 2019 00:00:00

The securities regulator has asked the premier bourse to take steps for the listing of Coppertech Industries as per the section 5(4) of the listing regulations.

The Bangladesh Securities and Exchange Commission (BSEC) also asked the Dhaka Stock Exchange (DSE) to inform them (regulator) within 10 working days about what steps have been taken for the listing of the company.

The BSEC gave the instruction in a letter sent to the DSE on Wednesday.

When asked, BSEC Executive Director Mohammad Saifur Rahman confirmed the regulatory instruction.

On Monday, the DSE sought regulatory waiver of the section 5(3) of the listing regulations so that the Coppertech Industries can be listed on the DSE, as the stipulated timeframe for its listing has already expired.

The section 5(3) calls for completing the listing procedures within a maximum period of 30 working days from the date of closure of subscription list.

In response, the securities regulator asked the DSE to apply the section 5(4) of the listing regulations.

The section 5(4) reads that the exchange may relax any requirement/provision relating to the listing of any securities.

Contacted, a senior DSE official expressed the hope that the procedure for listing of Coppertech Industries would be completed within 10 working days.

Earlier, the approval for the listing proposal was delayed, as the company got mired in some 'controversies' over its financial statement.

The BSEC approved the Coppertech's IPO proposal on December 26, 2018 for raising a capital of Tk 200 million under the fixed-price method.

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