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Butterfly to go public

FE Report | February 28, 2018 00:00:00

Butterfly Manufacturing Company has moved to go public under book building method in a bid to expand its business.

As part of going public the company has already signed an agreement with its issue manager LankaBangla Investments Limited.

The company was incorporated in 1987 through distribution of consumer electronics. Now the company is locally manufacturing the products of the world's top brand LG.

Besides, the Butterfly Manufacturing Company has also partnership with Hisense, according to a statement.

At the signing ceremony, the chief operating officer (COO) of Butterfly Group Mustafizur Rahman Shazid said by this time they have invested Tk 3.0 billion in manufacturing.

"We will investment Tk 2.5 billion for quick expansion of business to ensure our strong position in the country's consumer electronics market," Mr. Shazid said.

According to Shazid, the company was incorporated through local entrepreneurs and later renowned foreign equity partners including the IFC were included in the board.

"Apart from raising capital from the stock market, we want to share our success with general shareholders," group COO Shazid said.

The director of Butterfly Group Mahbubur Rahman Sajib, chief financial offer Shahjahan Mazumder and the managing director of LankaBangla Capital Market Operations Mohammed Nasir Uddin Chowdhury, among others, were present at the signing ceremony.

BSEC approves prospectus of Bank Asia Unit Fund

Meanwhile, the securities regulator has approved the draft prospectus of UFS Bank Asia Unit Fund.

The approval came Tuesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

As per the BSEC approval, UFS Bank Asia Unit Fund will be floated with an initial size of Tk 1.0 billion.

The sponsors will contribute Tk 100 million, while the remaining Tk 900 million will be collected from investors through sales of units.

The face value of the units of UFS Bank Asia Unit Fund is Tk 10 each.

Bank Asia is the sponsor of the fund, whereas Universal Financial Solutions is the fund manager.

Besides, the state-owned Investment Corporation of Bangladesh (ICB) is working as trustee and custodian of the UFS Bank Asia Unit Fund.

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