BSEC exempts United Energy from the compliance

FE Report | Published: October 23, 2018 22:00:32

The securities regulator has allowed United Energy Limited to transfer its substantial amount of shares, held at two listed companies, in favour of another company floated under same ownership.
To facilitate the transfer of the shares, the Bangladesh Securities and Exchange Commission (BSEC) waived the United Energy Limited from the compliance with the rules regarding acquisition of substantial number of shares.
The approval came at a meeting held on Tuesday at the BSEC office.
United Energy Limited holds above 127.46 million and 359.30 million shares at Khulna Power and United Power Generation and Distribution Company respectively.
As per the BSEC approval, the said amounts of shares held by United Energy Limited will be transferred in favour of their another company namely Mymensingh Power Limited.
The share transfer will be executed beyond the regular trade floor.
At Tuesday's meeting, the securities regulator has also approved the draft prospectus of AAML Unit Fund.
The initial size of the fund will be Tk 100 million. Of Tk 100 million, Tk 90 million will be collected through sales of units while the sponsor will contribute remaining Tk 10 million.
Assurance Asset Management is the sponsor and fund manager of the AAML Unit Fund.
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