DSE approves listing proposal of FAR Chemical

The board of directors of Dhaka Stock Exchange (DSE) has approved the listing proposal of FAR Chemical Industries Limited, taking the way to make its debut on the bourse, officials said.

The approval came at a DSE board meeting held Monday at the board room chaired by its chairman Justice Siddiqur Rahman Miah.

Trading date of FAR Chemical will be announced soon, said a DSE official. "We will fix the trading date after transferring shares to respective beneficiary owners' (BO) accounts," he said.

FAR Chemical Industries, a textile chemical producer is the 26th company in the pharmaceuticals & chemicals sector in the DSE.

The initial public offering (IPO) subscription of the company was held on March 10 to March 16 for resident Bangladeshi, while it was continued till March 25, 2014 for non-resident Bangladeshi (NRB) and raised a fund worth Tk 120 million from public.

Using the fixed price method, the company floated 12 million ordinary shares of Tk 10 each without premium. The market lot of the company is 500 shares.

FAR Chemical Industries IPO hit around 73 time's higher subscription, meaning the investors' interest to the company's IPO.

The company used the fund to buy capital machinery and increase the current capacity. First Securities Services Ltd acted as issue manager of the company's IPO.

The company's basic earnings per share (EPS) as of June 2013 stood at Tk 5.01 with a net asset value per share of Tk 15.55.

The securities regulator - Bangladesh Securities and Exchange Commission (BSEC) approved the prospectus of the company on January 21, 2014.

FAR Chemical Industries situated in Comilla EPZ is producing all types of textile chemicals needed for the Group's 100 per cent export oriented textile sector, according to its website.