IPO BID: DSE to check Coppertech’s papers again
12:01 AM, May 10, 2019 / LAST MODIFIED: 12:22 AM, May 10, 2019

IPO BID: DSE to check Coppertech’s papers again

The Dhaka Stock Exchange is set to scrutinise the financial statement of Coppertech Industries after allegations surfaced that it had provided fake information to get approval for its initial public offering.

The decision, which came yesterday in a board meeting at the DSE office, was taken in response to a letter from the DSE Brokers’ Association (DBA).

In the letter, the association said there are anomalies in the company’s financial statement.

“This is very alarming for the market as well as investors,” it said.

Investors are gossiping about the transparency and accountability of the DSE and its function, the letter added.

A board member said they instructed DSE officials to vet the statement and place a report within seven working days. The report will be forwarded to the Bangladesh Securities and Exchange Commission, which will then decide whether the company would be allowed to get listed or not.

The DBA also said investors are shocked to see such irregularities on the balance sheet of Coppertech, a copper pipe, tube, bas bar, strip, and wire manufacturer.

The BSEC approved the IPO proposal of Coppertech Industries on December 26, 2018.

The company has already completed the IPO lottery draw on completion of public subscription of 2 crore shares worth Tk 20 crore under the fixed price method.

It is now waiting to get listed on the stock exchange.

The DSE board also decided to hold a meeting of a special committee formed to review the losses of ACI, which it deems to be artificial.

The committee will decide the next steps at the meeting.

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