The two other companies, which got approval from the SEC, are Golden Sun and Union Capital.

The approval came at a commission meeting of the capital market regulator yesterday, sources said.

Premier Bank will raise around Tk 84.5 crore while Golden Sun will raise Tk 6 crore and Union Capital Tk 7.5 crore.

The Premier Bank will float around 84.5 lakh shares of Tk 100 each to raise the amount while Golden Sun and Union Capital will float 75 lakh and 60 lakh shares of Tk 10 each.

Earlier on February 12, 2005, the SEC suspended the IPO subscription of the Premier Bank as it detected serious irregularities in the processes. At that time, the SEC found that some 26,000 fake beneficiary owners' accounts opened with the depository participant wing of the bank.

The SEC on May 25, 2005 once again rejected the Premier Bank's application of floating its IPO.

An SEC high official said as the bank fulfilled all the requirements of IPO rules, the commission gave its nod to float primary shares.

Market sources said after a long period a manufacturing sector company is going to float primary shares in the market as the SEC approved the IPO application of Golden Sun.

Chittagong-based Golden Sun, which started its production in 2005, manufactures hotpot, food warmer, toys, tennis racket and tennis ball. The company also exports its products to Canada, Australia, the UK, Taiwan and Singapore. The company will also raise another Tk 4 crore through private placement, sources said.

UNB adds: SEC warned eleven companies, their directors, managing directors and company secretaries for non-compliance of securities laws in connection with submission of capital and shareholding position.

The companies are Daffodil Computers, Chic Textile, Eagle Star Textile Mills, Fine Foods, Rose Heaven Ball Pen, The Engineers, Mona Food Industry, Pharmaco International, Shyampur Sugar Mills, Amam Sea Food Industry and Popular Life Insurance.

The capital market watchdog warned Daffodil Computers, Chic Tex, Eagle Star Textile Mills, Fine Foods, Rose Heaven Ball Pen and The Engineers, their directors, managing directors and company secretaries for non-submission of capital and shareholding position for the month of September 2005 on time.

The SEC issued the warning notice to Mona Food Industry and Pharmaco International, their directors, managing directors and company secretaries for non-submission of capital and shareholding position from September-December 2005.

Shyampur Sugar Mills and Amam Sea Food Industry, their directors, managing directors and company secretaries got the SEC warning for non-submission of capital and shareholding position for the month of February 2006.

The SEC warned Popular Life Insurance Company, its directors, managing director and company secretary for non-submission of capital and shareholding position for the month of October 2005.