• Monday, March 02, 2015

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Bangladesh Securities And Exchange Commission

Regulator okays Shasha Denims IPO, fines three for irregularities

Bangladesh Securities and Exchange Commission yesterday approved the IPO (initial public offering) proposal of Shasha Denims, which aims to raise Tk 175 crore from the public. The approval came at a meeting at the commission's office in the capital. The denim producer will offload five crore ordinary shares at an offer price of Tk 35, including a premium of Tk 25 for each Tk 10 share. The company will raise the fund to expand business, repay bank loans and bear the expenses...

United Airways comes under BSEC scanner

United Airways comes under BSEC scanner

Bangladesh Securities and Exchange Commission has formed a panel to investigate United Airways’ operational suspension and resumption as well as reconstruction of the board. “The BSEC has formed an enquiry committee on the whole issues relating to the suspension of operation, reconstruction of board of directors, coming back in operation and the recent trade...

Regulator approves National Feed Mill's IPO

The Bangladesh Securities and Exchange Commission yesterday gave a go-ahead to National Feed Mill to raise Tk 18 crore from the public. Using the fixed price method, the textiles company is set to float 1.8 crore ordinary shares worth Tk 10 each. ICB Capital Management and PLFS Investments will jointly manage the initial public offering (IPO). The proceedings will be used to expand National Feed Mill's business, meet working capital needs and repay bank loans. The company's earnings per share as of...

DSE halts trade of Shahjibazar for unusual price hike

DSE halts trade of Shahjibazar for unusual price hike

The Dhaka Stock Exchange management yesterday suspended trading of Shahjibazar Power Company shares indefinitely owing to unusual price hike of the newly-listed firm. “Pursuant to BSEC's investigation and recent unusual price movement of the company, the DSE, in the greater interest of investors and the capital market, has decided to suspend the trading of Shahjibazar Power with effect from today [yesterday] until further decision,” the bourse said in a web posting. The premier bourse also enquired the power generation company if there was any undisclosed price-sensitive information behind the unusual hike since the listing on July 15, to which the company answered in the negative. Earlier on July 31, the Bangladesh Securities...

Shahjibazar shares defy regulator's efforts to control prices

Shahjibazar shares defy regulator's efforts to control prices

The stock market regulator's effort to hold back the unusual price hike of the newly-listed Shahjibazar Power Company looks to be in vain, with the power company's share price rising 26 percent in the past four days. Between its debut on July 15 and July 24, Shahjibazar's share price soared 61 percent to Tk...

FAR Chemicals set for controversial stock debut

FAR Chemicals Industries is set to make a controversial debut on the stock market today, after the company masked market-sensitive information about its directors in the IPO prospectus -- a violation of security rules. Neither Bangladesh Securities and Exchange Commission, nor the Dhaka Stock Exchange made any attempt to block the debut. Earlier in 2012, the stock market regulator filed criminal cases against two of its directors for their involvement in forgery of rights issue of FAR Chemicals' associated firm RN...

United Airways in trouble

Private carrier United Airways (BD) Ltd may face operational suspension due to outstanding aeronautical and non-aeronautical charges of around Tk 77 crore to the Civil Aviation Authority of Bangladesh (Caab). The airlines regulator has already imposed a ban on sale or purchase of aircraft by United Airways until it clears all current and outstanding charges in the next one year. “If the airline fails to pay the charges within the scheduled timeframe, we might stop their operation anytime,” Caab Chairman Air...

Tech glitch halts DSE trade, stocks fall

A technical glitch suspended trade on the Dhaka Stock Exchange for more than two and a half hours yesterday, and the regulator asked the bourse to immediately submit a report on it. “We asked them to explain why and how the malfunction took place,” said Saifur Rahman, spokesman and an executive director of Bangladesh Securities and Exchange Commission. “They (DSE) informed us of the matter from time to time, but we sought a report from them,” added Rahman, who also visited...

Emerald Oil gets nod to list on DSE

The Dhaka Stock Exchange has approved the listing of Emerald Oil Industries that raised Tk 20 crore from public through initial public offering. The approval came at a board meeting of the premier bourse on Monday, DSE officials said. “The debut date of share trading of Emerald Oil will be announced later after completion of some listing requirements by the edible oil producing company,” said Swapan Kumar Bala, managing director of the DSE. Emerald Oil is the 19th company to list in...

Pressure on BB as it reins in banks' stock exposure

In an echo of 2009, the central bank is again facing hostility for stepping up its measures against banks' excessive exposure to the capital market. Bangladesh Bank on February 25 instructed banks to give a breakdown of daily investments in stocks in the monthly report submitted to the central bank on the 10th of every month. At present, the banks just give their total investment figure to BB, which the central bank believes does not reflect the true picture. BB found that...

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