Two new credit raters to get green light
Two new credit rating agencies are in the offing, as the Securities and Exchange Commission has decided in principle to give 'letter of intent' to them.
These firms are Emerging Credit Rating Limited and National Credit Rating Limited.
The SEC took the decision at a meeting yesterday, with its chairman Ziaul Haque Khondker in the chair. Anwarul Kabir Bhuiyan, the commission's executive director, informed the reporters of the regulator's decision.
Emerging Credit Rating has technical collaboration with Malaysian Rating Corporation and National Credit Rating with Credit Analysis and Research Limited of India.
The main job of such agencies is to compile information and issue public credit ratings for companies and big individual clients.
Currently, only two rating firms are in operation in Bangladesh -- Credit Rating and Information Services Limited and Credit Rating Agency of Bangladesh.
Bhuiyan also said the commission has given nod to the prime bourse's proposal that brokerage houses' main office should be located within two kilometres from the bourse's main building.
The SEC also allowed Beximco Limited to acquire Dhaka-Shanghai Ceramics Limited in exchange for one Beximco share for every Dhaka-Shanghai Ceramics share, said ATM Tariquzzaman, another executive director of SEC.
The issuance of preference shares by Agni Systems Limited was also endorsed in the regulator's meeting.
Agni will now issue one crore preference shares at a price of Tk 20 each (including Tk 10 premium) under private placement arrangement. The shares shall be fully converted into ordinary shares after one year from the date of allotment and shall carry an annual coupon at 8 percent.
The conversion price of the preference shares into ordinary shares shall be at the original issue price of Tk 20.
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